K Points: 0.29 of 1 Save Hudson Cycles started July with 5 bicycles that cost $48 each. On July 16, Hudson purchased 30 bicycles at $55 each. On July 31, Hudson sold 25 bicycles for $106 each. Requirements 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account. 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. (Enter the oldest inventory layers first. Abbreviation used: QTY Quantity: Tot. = Total) Hudson Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jul. 1 5 $ 48 $ 240 Jul. 16 30 S 55 $1,650 5 $ 48 $ 240 30 $ 55 $ 1,650 Jul. 31 is Etext pages Get more help - Q Search Clear all Check answer 400 E B 9:35 PM 8/14/2023