Hercules Cycles start January with 5 bicycles that cost $48 . On January 16 Hercules bought 30 @ 55 each. Hercules sold 25 bicycles for $95 each.

Prepare HerculesCycles perpetual inventory record assuming the company uses FIFO inventory costing methods.

Journalize the January 16 purchases of merchandise inventory on account and the January 31 sale of merchandise inventory on account.

Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Unit Cost Tot. Cost QTY Date Unit Cost Tot. CostQTY Unit Cost Tot. Cost Jan. 1