Shepherd Cycles started August with 5 bicycles that cost $48 each. On August 16, Shepherd purchased 30 bicycles at $55 each. On August 31 , Shepherd sold 16 bicycles for $97 each. Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 2. Joumalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. 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. (Abbreviation used: QTY = Quantity; Tot. = Total)