18-19 Perpetual FIFO adjusted to periodic LIFO; UFO reserve .LO8-1, L08-4, L09-6 To more efficiently manage its inventory. Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year Jan. 1 Inventory on hand-20,000 units; cost $12,20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12.80 each. Sep. 9 Sold 70.000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Dec. 31 Inventory on hand-60,000 units. Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. 3. Determine the amount Treynor would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $10,000. unders neretual inventory system