Please complete all parts to the question, thank you.

Hudson Cycles started July with 15 bicycles that cost $54 each. On July 16, Hudson bought 30 bicycles at $78 each. On July 31, Hudson sold 28 bicycles for $96 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. Requirement 1. Prepare Hudson 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) Hudson Cycles Purchases QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Date Jul. 1 Inventory on Hand QTY Unit Cost Tot. Cost 15 $ 54 $ 810 15 $ 54 $ 810 30$ 78 $ 2,340 Jul. 16 30 $ 78 $ 2,340 Jul. 31