Question: please complete all tables Hercula Cycles started October with 25 bicycles that cost $65 each. On October 16 , Hercula purchased 50 bicycies at $00
Hercula Cycles started October with 25 bicycles that cost $65 each. On October 16 , Hercula purchased 50 bicycies at $00 etci. On Hercula sold 36 bicycles for $105 each. Requirements 1. 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. 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)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
