Shepherd Cycles started January with 15 bicycles that cost $54 each. On January 16, Shepherd purchased 30 bicycles at $78 each. On January 31, Shepherd sold 18 bicycles for $90 each. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Shepherd sold 5 bicycles that cost $54 each and 13 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 hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity: Tot. Total) Shepherd Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jan. 11 Jan. 16 Jan. 311 Totals Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) January 16: Purchased merchandise inventory on account. Jan. Date 16 Accounts and Explanation Debit Credit