Hercula Cycles started May with 12 bicycles that cost $42 each. On May 16, Hercula bought40icycles at $68 each. On May 31, Hercula sold 22 bicycles for $110 each. Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. 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) Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Date May 1 May 16 May 31 Totals QTY Unit Cost Tot. Cost QTY Unit Cost Tot. CostQTY Unit Cost Tot. Cost Requirement 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table May 16: Purchased merchandise inventory on acoount. Date Accounts and Explanation Debit Credit May 16