Homework: Chapter 6 Warm Up Save Score: 0 of 30 pts 1 of 3 (0 complete) HW Score: 8%, 8 of 100 pts S6-4 (similar to) 19 Assigned Media Question Help Shepherd Cycles started January with 12 bicycles that cost $42 each On January 16, Shepherd bought 40 bicycles at $68 each On January 31 Shepherd sold 29 bicycles for $98 each Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO Inventory costing method 2 Journalize the January 16 purchase of merchandise inventory on account and the January 31st of merchandise inventory on account Requirement 1. Prepare Shephard 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, soll, and on hand at the end of the period (Enter the oldest inventory layers first Abbreviation ved QTY Quantity Tot-Total) Shepherd Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jan 1 Enter any number in the edit fields and then click Check