Hercula Cycles started March with 5 bicycles that cost $48 each. On March 16 , Hercula purchased 30 bicycles at $55 each. On March 31 , Hercula sold 20 bicycles for $98 each. 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 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 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. (Abbreviation used: QTY = Quantity; Tot. = Total)