Shepherd Cycles started July with 25 bicycles that cost $65 each. On July 16, Shepherd purchased 50 bicycles at 580 each. On July 31, Shepherd sold 33 bicycles for $95 each. Requirements 1. 2. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account