Hercula Cycles started March with 25 bicydes that cost $36 each On March 16, Hercula bought 35 bicycles at $60 each. On March 31, Hercula sold 33 bicycles for $99 each Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method 2. Jourmalize 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 weighted average 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 cost of inventory purchased, sold, and on hand at the end of the period. (Abbreviation used: QTY Quantity. Tot = Total) Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Mar. 1 Mar 16 Mar 31 Total Requirement 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. (Record debids first, then credits Select the March 16 Purchased merchandise inventory on account Date Accounts and Explanation Debit Credit Mar 16 Choose from any list of enter any number in the input fields and then continue to the next question This Question: 2 pts Hercula Cycles started March with 25 bicycles that cost $36 each. On March 16, Hercula bought 35 bicycles at $60 each. On March 31, Hercula sold 33 bicycles for 599 Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted average 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 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. (Record debits first March 16: Purchased merchandise inventory on account. Debit Accounts and Explanation Date Credit Mar 16 March 31 Sale of merchandise inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction Do not record the expense related to the sale. We will do that in the following step (Assume Date Accounts and Explanation Debit Credit Mar Now journalize the expense related to the March 31 sale Choose from any list of enter any number in the input fields and then continue to the next question Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account March 31: Sale of merchandise inventory on account Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in th Date Accounts and Explanation Debit Credit Mar. 31 Now journalize the expense related to the March 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Date Accounts and Explanation Debit Mar 31 Credit Choose from any list or enter any number in the input fields and then continue to the next