epherd Cycles started October with 25 bicycles that cost $65 each. On October, 16, Shepherd purchased 50 bicycles at $80 each. On October 31, Shepherd sold 33 bicycles for $90 each. quirements Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Shepherd sold 20 bicycles that cost $65 each and 13 bicycles that cost $80 each Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Shepherd sold 20 bicycles that cost $65 each and 13 bicycles that cost $80 eam 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, ca and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers fest. Abbreviation used QTY Quantity Tot Total) Shepherd Cycles Inventory on Hand Purchases Cost of Goods Sold i Date Oct. 1 QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost 25 $ QTY Unit Cost Tot. Cost 651825 Oct 16 50 S 00 $ 4,000 50 $ 25 5 65 S 1825 4,000 Oct 31 Quem