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Hercula Cycles started October with 15 bicycles that cost $54 each. On October 16, Hercula bought 30 bicycles at $78 each. On October 31, Hercula sold 23 bicycles for $97 each. Requirements Prepare Hercula Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. 1. Requirement 1. Prepare Hercula 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) Hercula Cycles Purchases Date QTY Unit Cost Tot. Cost Oct. 1 Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Fnter any number in the edit fields and then click Check