Bework 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-25,000 units; cost $12.70 each. Feb. 12 Purchased 75,000 units for $13.00 each. Apr. 30 Sold 50,000 units for $20.50 each. Jul. 22 Purchased 55,000 units for $13.30 each. Sep. 9 Sold 75,000 units for $20.50 each. Nov. 17 Purchased 45,000 units for $13.70 each. Dec. 31 Inventory on hand-75,000 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 25,000 units with a cost of $12.20). 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would calculate internally for ending Inventory and cost of goods sold using first-in, first-out (FIFO) under places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Perpetual FIFO: Cost of Goods # of units # of Cost per Cost per Cost of Cost per # of units old | B MIT in and Insent Cost of Torn Cost of Goods Sol Goods Sold unit La Required 1 Required 2 Required 3 Required 4 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 s Cost of Goods Available for Sale Cast of Goods Sold - April 30 Cost of Goods Sold - September Inventory Balan Peruntual Cost Cost of of FEO of Goods Cost Cost of W of Cost Cont of Total Cost # of units units per Goods units Cost Available Goods of Goods unit per unit in ending sold Sold per unit for Sale sold Sold per unit Sold Inventory Bog $ Inventory 25,000 12.70 $ 317,500 25,000 5 12.70 5 317,500 0 $ 12.70 $ 0 0 $ 12.70 Purchases February 12 75,000 13.00 975,000 25,000 13.00 325,000 0 13.00 0 13.00 July 22 55,000 13.30 731,500 55,000 3 13.30 731,500 55,000 13.30 731,500 November 03 13.30 17 45,000 13.70 616,500 0 13.70 13.70 08 13.70 TO 200.000 $ $ 2,640,500 105,000 1,374,000 55,000 $ 731,500 $ 2,105,500 0 Required 2 > 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) und system. (Assume beginning Inventory under LIFO was 25,000 units with a cost of $12.20). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Porlodie LIFO LIFO Cost Cost of #of # of Cost of Goods Cost # of units Cost por units units Goods Available Ending In ending unit sold per unit Sold per unit Inventory for Sale Inventory $ Beginning Inventory 25,000 $ 305,000 0 $ 12.20 $ 12.20 0 0 $ 12.20 Purchases: Feb 12 75,000 $ 13.00 975,000 25,000 $ 13.00 325,000 0 $ 13.00 $ Jul 22 55,000 13.30 731,500 50,000 $ $ 13.30 665,000 0 $ 13.30 $ Nov 17 + 45,000 616,500 0 X $ 13.70 13.70 0 $ 13.70 Total 200,000 $ 2,628,000 75,000 $ 990,000 0 $ 0 ystem. Assume beginning inventory unde 3. Determine the amount Treynor would report for its LIFO reserve at 4. Record the year-end adjusting entry for the LIFO reserve, assuming Answer is complete but not Complete this question by entering your answers in the tabs b Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would report for its LIFO reserve at th LIFO Reserve $ 29,000