Shepherd Cycles started March with 15 bicycles that cost $75 each. On March 16, Shepherd bought 25 bicycles at $91 each. On March 31, Shepherd sold 23 bicycles for $95 each. Requirements 1. 2. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Journalize the March 16 purchase ofamerchandise inventory on account and the March 31 sale of merchandise inventory on account.