Shepherd Oydes started Octaber with 12 bicydes that cost $42 each. On October 16 , Shepherd purchased 40 bicycles at $68 each. On Ochober 31,5 epherd sold 23 bicycles fer $50 en Requirements 1. Propare shophord Cydele perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Joumalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. Rtequirement 1. Fiesare Shesherd Cyde's perpetual inventory record assuming the company uses the LIFO inventory costing method. Lro cosilig tat. For invintory un hand, entor the oldest iaventory layer fint. Abbreviation used, QTY = Quantity, ToL = Fotal) beent eritered info the perpetial record, caloulsate the giartity and tetal cost of inventory purchased. soik, and on hand at ih impianation on the last ine of the jourtal entry table.]. October s6. Purchased merchandise inventary on account. October 31: Sale of marchandise invertory on account Odtober 31: Sait of morchandise inventory on acoount. bisyches for $90 machs Nin Bomalas the neqense reialed to tris Octeber 31 saie