S6-5 (similar to) Hercula Cycles started March with 15 bicycles that cost $54 each On March 16, Hercule bought 30 bicycles at $78 each On March 31, Hercula sol 25 bicydes for $110 each Requirements 1. Prepare Hercula Cycles perpetual inventory recording the company is the LIFO inventory conting method 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account 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 ater each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of Inventory purchased, old, 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. Abreviationed QTY - Quantity: Total Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Date OTY Unit Cost Tot. Cost QTY Unit Cost Tot Cost QTY Unit Control Cost