Shepherd Cycles started May with 5 bicycles that cost $48 each. On May 16 , Shepherd purchased 30 bicycles at $55 each. On May 31 , Shepherd sold 21 bicycles for $110 each. Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot. = Total)