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 $$97$ each. Requirements

Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.

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.

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. $($Enter the oldest inventory layers first Abbreviation used: QTY $=$ Quantity; Tot. $=$ Total$)$

Shepherd Cycles