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Hercula Cycles started May with 12 bicycles that cost $42 each. On May 16, Hercula purchased 40 bicycles at $68 each. On May 31, Hercula sold 26 bicycles for $96 each. Requirements Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 10 bicycles that cost $42 each and 16 bicycles that cost $68 each. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. 1. 2. Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 10 bicycles that cost $42 each and 16 bicycles that cost $68 each. 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 Date May 1 www Purchases QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost

Hercula Cycles started Mary with 12 bicycles that cost $42 each On May 16 , Hercula purchased 40 bicycles at Ses each, On May 31 , Hercula sold 26 bicycles for $90 each. Requirements and 16 bicycles that cost $68 each. 2. Joumalize the May 16 purchase of merchandise imventory on account and the May 31 sole of merchandse inventory on account. Requirement 1. Prepaze Heroula Cycle's perpetual imventory record assuming the company uses the specific identficabion inventory costing method Assume that Hercula abid 10 bicyles that cost 542 each and 16 bicyeles that cost $68 each. Start by entering the beginning invectory balances Enter the transactoos in chronelogical ondet, calculating new inventary on hand balances atter each transaction. Once al of the vansactisns have Abbreviation used ofr = Quantiy, Tot, = Total)

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