Shepherd Cycles started January with 12 bicycles that cost $42 each. On January 16, Shepherd bought 40 bicycles at $68 each. On January 31, Shepherd sold 29 bicycles for 599 each Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Shepherd sold 2. Journalize the January 1 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. 10 bicycles that cost $42 each and 19 bicycles that cost $88 each. Shepherd sold 10 bicycles that cost S42 each and 19 bicycles that cost $88 ea new inventory on hand balances after each transaction. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating n Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period Enter the oldest inventory layers first Abbreviation used: QTY Quantity, Tot Total) Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. CostQTYUnit Cost Tot Cost QTY Unit Cost Tot Cost