Hudson Cycles started October with 12 bicycles that cost $42 each On October 16, Hudson purchased 40 bicycles at $68 each. On October 31, Hudson sold 23 bicycles for $110 each Requirements 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Requirement 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first Abbreviation used QTY Quantity, Tot Total) Hudson Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Oct. 1