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Hercula Cycles started October with 25 bicycles that cost $65 each. On October 16, Hercula bought 50 bicycles at $80 each. On October 31, Hercula sold 44 bicycles for $96 each. Requirements 1. Prepare Hercula 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. Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO 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. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity: Tot. = Total) Hercula Cycles started October with 25 bicycles that cost $65 each. On October 16, Hercula bought 50 bicycles at $80 each. On October 31, Hercula sold 44 bicycles for $96 each. Requirements 1. Prepare Hercula 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 Hercula Cycles Purchases QTY Unit Cost Tot. Cost Oct. 1 Oct. 16 Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Oct. 31 Totals Requirement 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale o merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the jour entry table.) October 16: Purchased merchandise inventory on account. Date Accounts and Explanation Debit Credit Oct. October 31: Sale of merchandise inventory on account. lei Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that Hercula sold the bicycles for $96 each.) Accounts and Explanation Debit Credit Oct. 31 Date Now journalize the expense related to the October 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Accounts and Explanation Debit Credit Date Oct. 31