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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-24,000 units; cost $13.50 each. Feb. 12 Purchased 74,000 units for $13.80 each. Apr. 30 Sold 50,000 units for $21.30 each. Jul. 22 Purchased 54,000 units for $14.10 each. Sep. 9 Sold 74,000 units for $21.30 each. Nov. 17 Purchased 44,000 units for $14.50 each. Dec. 31 Inventory on hand-72,000 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 24,000 units with a cost of $13.00). 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 $14,000. LIITILII IUUIIL TYTULVVUUIIPUILULIJ LIJOIVULLII CIUILII YU. 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $14,000. 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 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 24,000 units with a cost of $13.00). LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost per Cost of # of units Available for unit sold unit Sale Goods Sold 24,000 $ 13.00 $ 312,000 0 $ 13.00 $ 0 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending inventory unit Inventory 24,000 $ 13.00 $ 312,000 Beginning Inventory Purchases: Feb 12 20,000 54,000 $13.80 $ 14.10 $ 14.50 Jul 22 Nov 17 Total 74,000 54,000 44,000 196,000 276,000 761,400 $ $ $ 761,400 638,000 2,732,600 13.80 14.10 14.50 $ $ $ 13.80 14.10 14.50 $ 74,000 $ 1,037,400 24,000 $ 312,000 Required 1 Required 3 > 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 Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $14,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Event General Journal Debit Credit No 1 1 Cost of goods sold LIFO reserve 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 Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $14,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Event General Journal Debit Credit No 1 1 Cost of goods sold LIFO reserve