Shephend Oydlies started October with 5 bicycles thit oost $48 each On October 16, Shepherd bought 30 bicycles at $55 each On October 31, Shephend sole 25 bicycles for $100 ach 1 Prepare Shepherd Cyole's perpetual inventory record assuming the company uses the LIFO inventory costing method 2 Joumaliae the October 16 purchase of merchandise inventory on account and the October 31 sale of menchandise inventory on account. Requirement 1. Prepare Shepherd Cycle's perpetual inventory necond aseuming the company uses the LIFO inventory costing method. Start by enteing the beginning inventory balances Enter the transactions in chronological onder, caloulating calouliate the quantity and tolal cost of nventory purchased, sold, and on hand at the end of the peried (For cost of goods sold, enter the frst ler out under LiFO ooeling frst For inventory on hend, enter the oldest inveniory lay new inventory on hand balances ater each transaction. Once all of the transactions have been endered indo the perpetual record bbreviation used QTY Quanity. Tot Total Cest of Goods Sold Inventory on Hand Cost Tot Cost QTY Uni Cost Tet Cost s 4 24 53 4 240 055 10