Hudson Cycles started October with 5 bicycles that cost $48 each. On October 16, Hudson purchased...

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Hudson Cycles started October with 5 bicycles that cost $48 each. On October 16, Hudson purchased 30 bicycles at $55 each. On October 31, Hudson sold 13 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 October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise Inventory on account Hudson Cycles started October with 5 bicycles that cost $48 each. On October 16, Hudson purchased 30 bicycles at $55 each. On October 31, Hudson sold 13 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 October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise Inventory on account