a perpetual inventory system. The following information relates to its inventory during the year:

January $1$ Beginning inventory$-25,000$ units.

February $12$ Purchased $75,000$ units for $$13\mathrm{.}90$ each,

April $30$ Sold $50,000$ units for $$21\mathrm{.}40$ each.

July $22$ Purchased $55,000$ units for $$14\mathrm{.}20$ each.

September $9$ Sold $75,000$ units for $$21\mathrm{.}40$ each.

November $17$ Purchased $45,000$ units for $$14\mathrm{.}60$ each.

December $31$ Ending inventory $-75,000$ units.

Required:

Determine the amount Telnex would calculate internally for ending inventory and cost of goods sold using first$-$in$,$ first$-$out $($FIFO$)$ under a perpetual inventory system. Beginning inventory under FFFO was $25,000$ units with a cost of $$13\mathrm{.}60$ each.

Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last$-$in$,$ first$-$out $($LIFO$)$ under a periodic inventory system. Beginning inventory under LIFO was $25,000$ units with a cost of $$13\mathrm{.}10$ each.

Determine the amount Telnex would report for itS LIFO reserve at the end of the year.

Record the year$-$end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $$12,500.$

Complete this question by entering your answers in the tabs below.

Required $2$

Required $3$

Required $4$

Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last$-$in$,$ first$-$out $($LIFO$)$ under a periodic inventory system. Beginning inventory under LIFO was $25,000$ units with a cost of $$13\mathrm{.}10$ each.

$\backslash$table$[[\backslash$table$[[$LIFO$]],$Cost of Goods Available for Sale,Cost of Goods Sold $-$ Periodic LIFO,Ending Inventory $-$ Periodic LIFO$],[\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cos$],[$Ava$]],\backslash$table$[[$of Goods$],[$ilable for$],[$Sale$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],,\backslash$table$[[$per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$ending$],[$inventory$]],,\backslash$table$[[$st per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning Inventory,$25,000,$$$13\mathrm{.}10,$$$,327,500,,$$$,13\mathrm{.}10,,,$$$,13\mathrm{.}10,],[$Purchases:$],[$February $12,75,000,$$$13\mathrm{.}90,,1,042,500,,$$$,13\mathrm{.}90,,,$$$,13\mathrm{.}90,],[$July $22,55,000,$$$14\mathrm{.}20,,781,000,,$$$,14\mathrm{.}20,,,$$$,14\mathrm{.}20,],[$November $17,45,000,$$$14\mathrm{.}60,,657,000,,$$$,14\mathrm{.}60,,,$$$,14\mathrm{.}60,],[$Total$,200,000,,$$$,2,808,000,,,,,,,,]]$