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Shepherd Cycles started May with 12 bicydes that cost $42eath On May 16, Shepherd purchased 40 biodes at $88 each On May 31, Shepherd sold 31 bicycles for $99 each Requirements 1. Par Shepherd Cycles perpetual inventory record assuming the company uses the FIFO inventory conting method 2 Joumalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise wwentory on account Requirement 1. Prepare Shepherd Cyde's perpetual ventory record isuming the company uses the FIFO inventory costing method Start by entering the beginning inventory bales. Enter the transactions in chronological order, calculating new inventory on hand balances are soch transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, cold and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY TO Total Shepherd Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Bold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Mayo May 21 Total Requirement 2 Joumalit the May 16 purchase of merchandisinventory on account and the May 31 sale of merchandise nventory on account Record debts first, the credits Select the explanation on the last In of the joumalintys Requirement 2 Joumalize the May 16 purchase of merchandise inventory on account and the May 31 sale of marthanste inventory on account Record dobits first, then credits. Select the coloration on the le ne of the journal entry table May 16. Purchased merchandise inventory on account Date Accounts and Explanation May 16 Debit Credit May 31: Sale of merchandise inventory on account Begin by preparing the entry to jumate the sole portion of the transaction. Do not record the expense related to the sale. We will do that in the following step (Assume that Shepherd sold the bicycles for 599 ean ) Date Accounts and Explanation Debit Credit May 31 May St Sale of merchandise inventory on account Begin by preparing the entry to journalize the stie portion of a transacion. Do not record the expense related to these we will do that in the following step. Assume that Shechers sold the border for 899 ) Date Accounts and Explanation Debit Credit May 31 Now journalize the sponsorlated to May 31 Review the portal inventory record you prepared in oirement1 Date Accounts and Explanation Debat May 31 Credit Now journalize the expense related to the May 31 sale. Review the perpetual inventory record you prepared in Requirement 1 Date Accounts and Explanation Debit Credit May 31