Hudson Cycles started May with 12 bicycles that cost 42 each. On May 16 . Hudson purchased 40 bicycles at 568 ench. On May 31 , Hudson sold 22 bicydes for $100 nach. Requirements 1. Prepare Hudson Cyde's perpetual inventory record astuming the company ises the weigried average inventary costing mettiod. 2. Joumalue the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on ascount. Requirnment 1. Prepare Hudson Cyde's perpetual irventory recond assuming the company unes the weghted-twerage inventory costhg mothod. Start by entering the beginning invertocy balances. Enter the transactions in chronological ordec, catculating new imventory on hand balances aftar each transacton, Once all of the Iransactons have Hudson Cycles staried May with 12 bicydea that cost $42 each. On May 16 , Hudson purchased 40 bicycles at 568 each. On May 31, Hudison sold 22 bicycles for $100 sach. Requlrements 4. Prepare Hudson Cyde's perpetual inventory tecoed aswuming the company uses the weighted-average inventory costing method. 2. Joumalze the May 16 purchase of merchandse imventory on account and the May 31 aale of merchandise inventory on acoount. Requirement 2 Journalze the May 16 purchase of merchandise inventory on account and the May 31 sale of mecchandise inventory on account. (Reocrd debits fint, then creots. Seinct the explanation on the last tine of the journal ontry table.) May 16: Purchased merchandse inventocy on account. May 31: Sale of merchandte inventary on accourt. Begin by preparng the ertiy to foumaliza the sabe porton of the tanasction Do nok record the expente relategho the sale. We will do that in the following ssep. (Aasume that Hudson seld tine. bicyeles for $100 each. Now journalize the expense related to the May 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Hudson Cycles started May with 12 bicycles that cost 42 each. On May 16 . Hudson purchased 40 bicycles at 568 ench. On May 31 , Hudson sold 22 bicydes for $100 nach. Requirements 1. Prepare Hudson Cyde's perpetual inventory record astuming the company ises the weigried average inventary costing mettiod. 2. Joumalue the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on ascount. Requirnment 1. Prepare Hudson Cyde's perpetual irventory recond assuming the company unes the weghted-twerage inventory costhg mothod. Start by entering the beginning invertocy balances. Enter the transactions in chronological ordec, catculating new imventory on hand balances aftar each transacton, Once all of the Iransactons have Hudson Cycles staried May with 12 bicydea that cost $42 each. On May 16 , Hudson purchased 40 bicycles at 568 each. On May 31, Hudison sold 22 bicycles for $100 sach. Requlrements 4. Prepare Hudson Cyde's perpetual inventory tecoed aswuming the company uses the weighted-average inventory costing method. 2. Joumalze the May 16 purchase of merchandse imventory on account and the May 31 aale of merchandise inventory on acoount. Requirement 2 Journalze the May 16 purchase of merchandise inventory on account and the May 31 sale of mecchandise inventory on account. (Reocrd debits fint, then creots. Seinct the explanation on the last tine of the journal ontry table.) May 16: Purchased merchandse inventocy on account. May 31: Sale of merchandte inventary on accourt. Begin by preparng the ertiy to foumaliza the sabe porton of the tanasction Do nok record the expente relategho the sale. We will do that in the following ssep. (Aasume that Hudson seld tine. bicyeles for $100 each. Now journalize the expense related to the May 31 sale. Review the perpetual inventory record you prepared in Requirement 1