all one question

Exercise 8-19 (Algo) Perpetual FIFO adjusted to periodic LIFO; LIFO reserve (L08-1,8-4, 8-6] 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-30,000 units; cost $14.10 each. Feb. 12 Purchased se,eee units for $14.40 each, Apr. 30 Sold 5e,eee units for $21.99 each. Jul. 22 Purchased 60,000 units for $14.70 each Sep. 9 Sold 80,000 units for $21.90 each. Nov. 17 Purchased 50,000 units for $15.10 each. Dec. 31 Inventory on hand-90,000 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. (Assume beginning inventory under LIFO was 30,000 units with a cost of $13.60) 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 $15,000 Sold Return to question Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a pen Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold September Perpetual FIFO: Cost of Cost #of # of Goods Cost of #of Cost Cost of Total Cost units #ofu per units Goods Cost Available units Goods unit per unit of Goods in en Sold per unit for Sale sold Sold Sold inven Beg $ Inventory 30,000 $ 423,000 14.10 30,000 $ 14.10 $ 423,000 0 $ 14.10 $ 0 Purchases February 12 80,000 14.40 1.152,000 80,000 14.40 1.152,000 0 % 14.40 July 22 60,000 14.70 882,000 20,000 14.70 294,000 40,000 14.70 588.000 40 November 17 50,000 15.10 755,000 0 15.10 50,000 15.10 755.000 50 $ $ Total 220,000 130,000 S 90,000 1,800,000 3.212.000 1,343,000 $ 3.212,000 90 Required 2 > ing inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. (Round "Cost pe ds Sold - April 30 Cost of Goods Sold - September Inventory Balance 9 ost runit Cost of Goods Sold Cost #of units sold Cost of Goods Sold Cost per unit Total Cost of Goods Sold # of units in ending inventory Ending Inventory per unit 14.10 $ 423,000 0 $ 14.10 $ 0 0 $ 14.10 $ 0 14.40 0 14.40 0 14.40 0 1.152,000 294,000 14.70 14.70 40,000 14.70 40,000 50,000 15.10 588,000 755,000 $ 1,343,000 588,000 755,000 15.10 50,000 15.10 1,869,000 90,000 $ 3.212,000 90,000 1,343,000 ROM Required 2 > Return to que 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 Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve S 56,000 $