Hercula Cycles started October with $15$ bicycles that cost $$75$ each. On October $16,$ Hercula purchased $25$ bicycles at $$91$ each On October $31,$ Hercula sold $23$ bicycles for $$99$ each.

Requirements

Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method

Journalize the October $16$ purchase of merchandise inventory on account and the October $31$ sale of merchandise inventory on account.

Requirement $1.$ Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method Quantity, Tot $=$ Total$)$

Hercula Cycles

$\backslash$table$[[$Date$,$A$,$Purchases,Cost of Goods Sold,Inventory on Hand$],[$QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot Cost,QTY$,$Unit Cost,Tot. Cost$],[$Oct $1],[$Oct $16],[$Oct $31],[$Totals$,,,,,,,$Longrightarrow,,,$]]$