Shepherd Cycles started October with 5 bicycles that cost $48 sach. On October 16, Shepherd purchased 30 bicycles at 855 each. On October 31, Shepherd sold 20 bicycles for $105 each Requirements 1. 2 Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO 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 into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first For inventory on hand, enter the oldest inventory layer first. Abbreviation used QTY Quantity Tol Total) Shepherd Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Oct. 1 Od 16 Oct. 31 Tota Requirement 2. Joumaize the October 16 purchase of merchandise inventorv on account and the October 31 sale of merchandise inventory on account Rocord debts first then credits Select the exciti Shepherd Cycles started October with 5 bicycles that cost $48 each On Odober 16, Shepherd purchased 30 bicycles at 855 each On October 31, Shepherds 20 bydes for $105 Requirements 1. 2 Prepare Shepherd Cycle's perpetual invertory record assuming the company uses the LIFO entry cond Joumalas the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory an account Requirement 2. Joumatize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account (ecord debts first, then red the m on the last line of the journal entry table October 16: Purchased merchandise ventory on account Date Accounts and Explanation Od. 10 Debit Credit October 31 Sale of merchandise inventory on account Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale We will do that in the folowing step. Assume that Shepherd sold the bicycles for 10 sach) Date Accounts and Explanation Oct 311 Debit Creat Shepherd Cycles started October with 5 bicycles that cost $48 each. On October 16, Shepherd purchased 30 bicycles at $55 each. On October 31, Shepherd sold 20 bicycles for $105 each Requirements 1 2. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method Joumalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that Shepherd sold the bicycles for $105 each) Date Accounts and Explanation Oct. 31 Debit Now journalize the expense related to the October 31 sale Review the perpetual inventory record you prepared in Requirement 1. Date Oct 31 Accounts and Explanation Credit Debit Credit