Requirements 1. Propare Shepherd Cycle's perpetual imvertory record astaming the company uses the Fifo invertory costeng method 2. Joumalice the July 16 purchase of merchandse inventory en ascoumt and the July 31 sale of meschandise inventocy an acceount. Requirement 1. Presare Shepherd Cycle's perpetua inventory recons assuming the compary uset ho FiFO imventory cossing method Qundty; Tot = Teta' July 31: Sale of merchandise inventory on actount. Begin by preparing the entry to joumalize the sale portion of the transaction. Do not recond be experse folabed to the sale. Wo will do that in the following step. (Aasume that Shepherd sold the bicycles for $ sib eachy Now journalize the expense related to the Jily 31 sole: Review the perpetual inventory recond you peepared in Recuirement 1