Save Homework: Homework Chapter 6 Score: 0 of 5 pts 1 of 5 (2 complete) S6-3 (similar to) HW Score: 40%, 10 of 25 pts Question Help Shepherd Cycles started January with 30 bicycles that cost $65 each On January 16, Shepherd bought 35 bicycles at $78 each On January 31, Shepherd sold 33 bicycles for $100 each Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method Assume that Shepherd sold 25 bicycles that cost $65 each and 8 bicycles that cost $78 each 2. Journalize the January 16 purchase of merchandise inventory on account and the January 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 25 bicycles that cost $65 each and 8 bicycles that cost $78 each 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 of inventory purchased, sold, and on and at the end of the period (Enter the oldest inventory layers first. Abbreviation used. QTY Quantity: Tot. Total) Enter any number in the edit fields and then click Check Answer. Clear All Check Answer O 6 parts remaining Shepherd Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Jan. 1 Enter any number in the edit fields and then click Check Answer. 6 parts O remaining Clear All