Shepherd Cycles started August with 25 bicycles that cost $65 each. On August 16, Shepherd bought 50 bicycles at $80 each. On August 31, Shepherd sold 41 bicycles for $96 each.

Requirements

1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.

2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account.

Shepherd Cycles started August with 25 bicycles that cost 565 each on August 16, Shepherd bought 50 bicycles at 500 each on August 31, Shepherd sold 41 bicycles for $96 each Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances whereach transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inwentary purchased, sold, and on hand of the end of the period (Enter the oldest inventory layers first Abbreviation used QTY Quantity To Total Shepherd Cycles Purchases Date QTY Unit Cost Tot. Cost Aug 1 Aug 16 Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Aug. 31 Totals Choose from any list or enter any number in the input fields and then continue to the next queson 6 3 /18/2019 Type here to search Op 9 TY JUI Shepherd Cycles started August with 25 bicydes that cost $65 each On August 16, Shepherd bought 50 bicydes 500 each. On August 31, Shepherd sold 41 bicydes for 39 each Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory cofing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account of Requirement 2. Journalize the August 16 purchase of merchandise Inventory on account and the August 31 sale of merchandise inventory on account (Record debits first the credits Seed the explains the best journal entry table.) August 16: Purchased merchandise inventory on account Date Accounts and explanation Credit Debit Aug August 31: Sale of merchandise inventory on account Begin by preparing the entry to joumalize the sale portion of the transaction Do not record the expenserted to the sale. We will do that in the following steps ids and then continue to the next question Choose from any irst or enter any number in the input Type here to search 8 % 5 16 sach 16. Shepherd bought so teydes a $90 each on August 31, Shepherds 41 bis Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company was the FIFO entory metod 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise valory on account August 31: Sale of merchandise inventory on account Begin by preparing the entry to jumalize the sale portion of the transaction Deo record the expenserted to the sale. We will do that in the following step (Assume that Shepherd sold the bicydes for Date ACCOINS and Explanation Debit Credit each) Ng Now journalize the expense related to the August 31 sale Review the perpetual inventory record you prepared in Requirement1 Choose from any lost or enter any number in the input Delds and then continue to be next question Type here to search hans QWER b esar Shepherd Cycles started gut with 25 bicycles that cost $65 each on August 16, Shepherd bought teydest ach On Shepherd Requirements 1. Prepare Shepherd Cycle's perpetual inventory record asuming the company uses the FIFO inventory Colling method 2. Journalize the August 16 purchase of merchandise lewentory on account and the August 31 sale of merchandisinvettory on account Now journalize the expense related to the August 31 sale. Review the perpetual inventory record you prepared in Requirement 1 Date Accounts and Explanation Choose from any list or enter any number in the input Delds and men coming to the best question Type here to search % 5 6 4 02 IT w || E |