Hudson Cycles started January with 12 bicycles that cost $42 cach. On January 16, Hudson bought 40 bicycles at $08 cach. On January 31, Hudson sold 32 bicycles for S$110 cach. Requirements epar udnyspepe January 16 purche acorunt Requirement 1. Prepere Hudson Cyde's perpetual inventory record essuming the compeny uses the weighted-averege inventory cosing method hand balances after each transection Once all of the transactions have been entered int the perpetual record, calaulate the quantity and total ooat of inventory purchasaed, sold, and on hand at the Stert by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory and of the paried (Abbraviation usad: QTY = Quantty: Tot lotal) Hudson Cycles Cost of Goods Sold Purchases Uolt Cost Jot. Cost QTY Unir Cost ot Cost OLY et CortTot Crt Date lan 4 Jun. 16 Jan 31 Telal n account, (Record debits first then credits, Sclcct the cxplanation on the last Inc of the iournal cntry tablc. Chock your spcling carcfully and do Requirement 2 Joumalize the January 16 purchase of mcrchandise inventory on account and the January 31 sale of merchandise inventor t abbreviate ) January 16 Purchased merchandise imventory on account