Shepherd Cydes started October with 15 bicycles that cost $75 each. On October 16 , Shepherd purchased 25 bicycles at $91 each. On October 31, Shepherd sold 23 bicycles for $99 each. Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the Flf O inventory costing method. 2. Joumalize 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 FiFo hyentory costing method Start by entering the begining inventory balances. Enter the transactions in chronological ordor, calculasing 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 imventory purchased sold and on hand at the end of the period. (Enter the oldest fiventory layers first Abbreviation used QTY = Quanlty, Tot = Tolal? Shepherd Cycles credits Select the nxplanation on the last fine of the joumal entry table) October 16 Purchased merchandise inventory on account. Begin by preparing this entry to journalize the sale portion of the transaction. Do not record the expense rolated to the sale. We will do that in the following step. (Assume that Shepherd sold the bicycles for $99 each.) Now journalize the expense related to the October 31 sale. Review the perpetual inventory record you prepared in Requirement 1