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mx 56-5 (similar to) Question Help Hudson Cycles started August with 5 bicycles that cost $48 each. On August 16, Hudson bought 30 bicycles at $55 each. On August 31, Hudson sold 20 bicycles for $100 each. Requirements 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. Requirement 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY = Quantity; Tot. = Total) Hudson Cycles Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug. 1 5$ 48$ 240 Aug. 16 Date Enter any number in the edit fields and then click Check Answer. ? 5 parts Clear All Check Answer remaining