Hercula Cycles started March with 25 bicycles that cost $65 each. On March 16, Hercula bought 50 bicycles at $80 each. On March 31, Hercula sold 40 bicycles for $100 each. Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot. = Total) Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Date | QTY (Unit Cost Tot. Cost | QTY JUnit Cost Tot. Cost Mar. 1 QTY JUnit Cost Tot. Cost 25 $ 65 $ 1,625 25 $ 65 $ 1,625 50$ 80$ 4,000 Mar. 16 1 50 $ 80 $ 4,000 Mar. 31 IN IN 2510 15| 65||| 80|| 1625|| 1200 || 80