Shepherd Cycles started May with 12 bicycles that cost $42 each. On May 16, Shepherd purchased 40 bicycles at $68 each. On May 31, Shepherd sold 25 bicycles for $97 each. Requirements 1. 2. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account Requirement 1. Prepare Shepherd Cyde's perpetual inventory record assuming the company uses the weighted average inventory costing method. 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 and total cost of inventory purchased, sold, and on hand at the end of the period (Abbreviation used QTY Quantity: Tot Total Shepherd Cycles Inventory on Hand Purchases Date May 11 QTY Unit Cost Tot. Cost Cost of Goods Sold GTY Unit Cost Tot. Cost May 10 40 S 68 $2,720 12 12 $ 42 5 42 QTY Unit Cost To Cost 504 504