Hercula Cycles started January with 12 bicycles that cost $42 each. On January 16, Hercula purchased 40 bicycles at $68 each. On January 31, Hercula sold 23 bicycles for $90 each.Requirements1.2.Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method.Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account.DateJan. 1Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted-average 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 ofinventory purchased, sold, and on hand at the end of the period. (Abbreviation used: QTY = Quantity; Tot. = Total)Hercula CyclesPurchasesQTY Unit Cost Tot. CostCost of Goods SoldQTY Unit Cost Tot. CostCInventory on HandQTY Unit Cost Tot. Cost Some of J and B Electronics' merchandise is gathering dust. It is now December 31, 2024, and the current replacement cost of the ending merchandise inventory is $14,000 below the business's cost of the goods, which was $95,000. Before any adjustments at the end of theperiod, the company's Cost of Goods Sold account has a balance of $400,000.Read the requirements.Requirement 1. Journalize any required entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For situations that do not require an entry, make sure to select "No Entry Required" in the first cell in the "Accounts" column andleave all other cells blank.)The required journal entry would be:DateDec. 31Accounts and ExplanationDebitCCreditRequirements1. Journalize any required entries.2. At what amount should the company report merchandise inventory on thebalance sheet?3. At what amount should the company report cost of goods sold on the incomestatement?4. Which accounting principle or concept is most relevant to this situation?PrintDoneX

Name: Hercula Cycles started January with 12 bicycles that cost $42 each. O
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Hercula Cycles started January with 12 bicycles that cost $42 each. On January 16, Hercula purchased 40 bicycles at $68 each. On January 31, Hercula sold 23 bicycles for $90 each.Requirements1.2.Prepare Hercula Cycle's perpetual inventory record ass