Hercule Cycles started May with 12 bicycles that cost $42 each. On May 16, Hercule purchased 40 bicycles at $68 each. On May 31, Hercula sold 36 bicycles for $105 each Requirements 1. 2. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the LIFO 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. (For cost of goods sold, enter the first layer out under LIFO oosting first For inventory on hand, enter the old inventory layer Abbreviation used QTY Quantity: Tot Total) Hercula Cycles Purchases Date May 1 QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost 12 B 42 $ 504 May 16 40 5 $2.720 12 5 42 $ 504 40 $ 68 $ 2,720 May 31 30 3.700