Hudson Cyclas started October: h 25 bicydles that cast S65 Aach On COctober 16 Hudson hought 50 hicycles at 580 aach nOctober 31, Hudson sold 30 bicvcles tor S106 each Raquires Prepare Hudson Cycle's perpelual inventory record assuming the company uses the speciic identiication inventory custing method. Assume that Hudson euld 20 bicydes that cost 565 esch d 10 bicydes that cost 580 each Journeize the October 16 purchese of merchendise imentory on acoount and t October 31 sale of merchandise iventory o 2. sccount Requirement 1.Prepere Hudson Cyde's perpeluel imventory recoed sasuming the compen usee the speciic idenication inventory coelina method Aasume thet Hudson sold 20 bicvcles thet cost 555 each end 10 bicydles that coet 580 ech a parpatual racord calculate the quantity and total cast of invantory purchas ed, sold, and on hand at the I of the transactions have heen antered into end ofthe neriod Enter the okdert inventory lavers frst Abbreviation used: QTY-Quantity: Tot,-Tet antory on hand balances atar aach transaction Cnca a Hudson Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot Coe QTY Unit Cost Unit Cost Tot, Cost Tot, Cost QTY Uct Dct 1 Oct Tatals Mequirement 2. Journalize the October 16 purchase of merchandise inventory account and the October 31 sale of merchandise inventony on accqunt. (Record debits first, then crodits Sclkct the cxplanation on the last linc of the igumal cntry table.) October 16. Purchased merchandise inventory on acoount Accounts and Explanation Date Deluil Credi 16 Oct October 31 Sale of merchandise inventory on account Begin by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that Hudson sold the bicycles for $1 06 each.) Date Accounts and Explanation Debit Credit Oct 31 Now iqurnalize the expense related to the October 31 sale Review the perpetual inventory record you prepared in Requirement 1 Date Accounts and Explanation Debit Credit Oct 31