Hercule cyclos started Auguest with 5 bicycles that cost $48 each on August 16, Hercula purchased 30 bicycles at $55 each on August 31, Horcula sold 15 bicycles for S105 och Requirements 1 Prepare Hercula Cyde's perpetunt inventory record assuming the company uses the weighted average inventory costing method 2 Journalize the August 16 purchase or morchandise inventory on account and the August 31 sale of merchandise inventory on account Requirement 1. Propre Hercula Cycle's perpetual inventory record assuming the company uses the weighted averago 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 penod. (Abbreviation usod QTY= Quantity. Tot Total Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Date OTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug 1 Aug 16 Aug 31 Totals Requirement 2 Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account Record debits first, then credits Select the explanation on the last line of the journal entry table> August 16. Purchased merchandise inventory on account Choose from any list or enter any number in the input fields and then continue to the next question Hercula Cycles started August with 5 bicycles that cost 318 each UN ASIO, IL $105 each Requirements 1 Propare Hercula Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method 2 Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account August 16. Purchased merchandise inventory on account Date Accounts and Explanation Debit Credit Mog 16 August 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 Assime that Hercula sold the bicycles for $105 each) Date Accounts and Explanation Debit Credit 31 Choose from any list or enter any number in the input fields and then continue to the next question Hercuta Cycles started August with 5 bicycles that cost $18 each on August 16, Hercula purchased 30 bicycles at $55 each On August 31 5105 each Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method 2 Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on accoun Date Accounts and Explanation Debit Credit 31 Aug Now joumalize the expense related to the August 31 sale Review the perpetual inventory record you prepared in Requirement 1 Date Accounts and Explanation Debit 31 Credit Aug Choose from any list or enter any number in the input fields and then continue to the next