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20.34 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

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20.34 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-22,000 units cost $12.30 each. Feb. 12 Purchased 72,000 units for $13.60 each. Apr. 30 Sold 50.000 units for $21.10 each. Jul. 22 Purchased $2,000 units for $13.90 each. Sep. Sold 72,000 units for $21.10 each. Nov. 17 Purchased 42,000 units for $14.30 each. Dec. 31 Inventory on hand-66,000 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 test in, first-out (LFO) under a periodic inventory system (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 3. Determine the amount Treynor would report for its UFO 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 $12,000. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Trevor would report externally for ending inventory and cost of woods sold using last-in first-out (LiFor under a seriodic Required 1 Required 2 Required 3 Required 4 LIFO per unit Determine the amount Treynor would report externally for ending Inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic system. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.60). Cost of Goods Available for Sale Cost of Goods Sold Periodic Ending Inventory - Periodic LIFO LIFO Cost # of Cost of Goods #of Cost Cost of of units por units units Goods Cost Available Ending in ending unit sold Sold per unit for Sale Inventory Inventory Beginning Inventory 22.000 $ 12.80 281,600 0 $ 12.80 $ 0 22,000 $ 12.80 $ 281,600 Purchases: Feb 12 72,000 13.00 979,200 70,000 $13.60 952,000 2,000 $13.60 27 200 Jul 22 52.000 13.90 722,800 52,000 $ 13.00 722.800 o$ 13,90 42.000 $ Nov 17 600,600 0 14.30 $ 14.30 42.000 $ 14.30 600.600 Total 188.000 $ 2,584,200 122.000 1,674 800 66,000 $ 909,400 11 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. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80) 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 $12,000. ts 04:00:02 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Determine the amount Treynor would report for its UFO reserve at the end of the year. LIFO Reserve $ 43.2003 Return to question 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 (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 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 $12,000, 245 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 - Required 2 Required 3 Requirid 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $12,000. (I no entry is required for a transaction/event, select "No journal entry required in the first account field.) No General Journal Credit Event 1 Debit 12.800 1 Cost of goods sold LIFO reserve 12.800 3

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