Husten Cycles started July with 15 bicycles that cost 554 each. On July 16 , Hudson purchased 30 bicycles at $78 each On Jily 31 , Hudson sold 25 bicycles for 598 sach. Requirements 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the weighiled-average inventory costing mathod. 2. Soumalice the July 16 purchase of merchandise inventory on account and the July 3f sale of merchandise inventory on account. Requirement 1. Prepace Hudson Cycle's perpetual itiventory record assuming the company uses the weighlidaverage imventory costing mothod Stsat by entering the begirning inventory balances. Enter the transactions in chronological order, calculating new inveritory on hand balances after each transaction. Once at at the iransactoss hive been ertered into the perpetual tecord, caloulate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Aborevation used; OTY = Ourntry, Toe = Fotai)