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 1. 2. 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 Date May 1 May 16 Purchases QTY Unit Cost Tot. Cost ID 30 55 1650 Cost of Goods Sold QTY Unit Cost Tot. Cost QTY Inventory on Hand Unit Cost Tot. Cost 48 $ 5 $ 35 454 240 → 1890 С 265

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 1. 2. 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 Date May 1 May 16 Purchases QTY Unit Cost Tot. Cost ID 30 55 1650 Cost of Goods Sold QTY Unit Cost Tot. Cost QTY Inventory on Hand Unit Cost Tot. Cost 48 $ 5 $ 35 454 240 → 1890 С 265

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Description: 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.Requirements1.2.Prepare Shepherd Cycle's perpetual inventory record assuming the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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