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Part 3 of 7 Save Point 0.23 of 1 Shepherd Cycles started March with 15...

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Accounting

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Part 3 of 7 Save Point 0.23 of 1 Shepherd Cycles started March with 15 bicycles that cost $54 each. On March 16, Shepherd purchased 30 bicycles ut 978 Ned question hard sodboroch Requirements 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO eventory conting method 2. Journalire the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory an account Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO wventory conting method Start by entering the beginning inventory balances. Enter the transactions in chronological order, caling new inventory on hand balances to transaction the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. For cost of good and the first UFO hand, enter the oldest inventory layer fint. Abbreviation used: QTY Quantity. Tot. Total Shepherd Cycles Purchases Cont of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost OTY Unit Cost Tot Cost Mar 1 15 S 54 5 810 30 S 15 5 70 $ 2.340 54 Mar 16 310 10 S 7a 2140 Mar 31

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