October 31: Sale of merchandisa inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following slep. (Assume that Shepherd sold the bicycles for $100 each.) Shepherd Cycles started October with 25 bicycles that cost $65 each. On October 16, Shepherd purchased 50 bicycles at $60 each On Oclober 31, Shepherd sold 38 bicydes for $100 each. Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on aocount and the October 31 salo of merchandise inventory on account