Hudson Cycles started May with 25 bicycles that cost $36 each. On May 16, Hudson bought 35 bicycles at $60 each. On May 31, Hudson sold 33 bicycles for $90 each Requirements 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering he beginning nventory balances. Enter he ansactions n chronological order, calculating new ventary on hand balances a erea transaction. nce a ofthe an actions have been entered n calculate the quantity and total cost ofinventory purchased, sold, and on hand at the end of the period. Enter the oldest inventory ayers st. Abbre ation used: Y uan y Tt-tal he perpetua cor Purchases Cost of Goods Sold Inventory on Hand ar unit Cost Cost Date May 1 May 16 QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Totals