Shaphand Cyclea startad March with 25 hiovcles thet cOst S65 each n March Shaphard bought 50 bicyclea at $80 each On March 31, Sheoherd aold 49 bicvcles for Requirements Shepherd Cydes perpetual inventory recerd assuming the company uses the FIFO inventory costing method d the March 31 sals ot merchandke invontory on account 6 purchasa of merchandisa Inventory on account a Joumalze March Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FlFO inventory costing method. inventory an hand halances ater each transacdion Oncs all of the transactiona have hean entered into the parpatual racord Calculate the quantly and total cost of inventory purchased, sold, and on hand at the and ef the necied Entrr the olidest inventory lavers frst. Abbreviation usnd OTY - Ouantty Tot-T n Shepherd Cycles Purchuses Cost of Gouds Suld Inventory t OTY Unit Coat Tol. Cost OTY ni Cus Te. Cost Unit Cost Tut, Cost Dale . 1 Mar 16 Mar. 31 Totels Shepherd Dycles started March with 25 bicydles that cost S65 cach. Un March 16, Shephard bought s0 bicycles at $80 each. On March 31, Shophard sold 49 bicycles tor S89 esch Requirements the FIFO Shepherd Cycle' cHIHual it mahod Joumalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. 2 eg doumsize te March 16 purchese of mer chendise imemory on auopunt and e Mec 24ala of merchandiseiventory cn eu Record debits frst, then credits Select the planation an the laNt inn of the ipurnal entry tabe) March Purchased merchandoe imventory on cooun Date Accounts and Explanation Debit Credit Mar : Sale of merchandse inventory on account March Begin by preparing the entry to journal ize the sale portion of the transaction. Do not record the expense related to We wil do at in e following step. (Aasume that Shepherd sold the bicycles for $99 each. ) Accounts and Explanation Debit Credh Date Mar 31 Now journalize the expense related to the March 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Accounts and Explanation Credit Date Debit Mar 31 Choose from any list or enter any number in the input fields and then continue to the next