C 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-31,000 units; cost $14.20 each. Feb. 12 Purchased 81,000 units for $14.50 each. Apr. 30 Sold 50,000 units for $22.00 each. Jul. 22 Purchased 61,eee units for $14.80 each. Sep. 9 Sold 81,000 units for $22.00 each. Nov. 17 Purchased 51,000 units for $15.20 each. Dec. 31 Inventory on hand-93,000 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 31000 units with a cost of $13.70). 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 $21,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 comptes question by enter your answers 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 us places.) Cost per Cost per #of units Cost of Goods Available for Sale $ 440,200 # of units sold Cost of Goods Sold # of units Cost per sold unit unit 31,000 $ 14.20 $ 14.20 $ 14.20 Beg. Inventory Purchases February 12 July 22 November 17 Total 81,000 61,000 51,000 224,000 14.50 14.80 15 20 1,174,500 902,800 775,200 5 3 292,700 14.50 1480 15.20 14.50 14.80 15.20 K Required 1 arch O Delow. inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. (Round "Co id - April 30 Cost of Goods Sold September Inventory Balance Cost per Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Ending Inventory unit $ 1420 20 $ 14.20 50 14 50 14.80 15 20 1450 1480 15.20 80 20 Required 2 > O 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) system. (Assume beginning inventory under LIFO was 31,000 units with a cost of $13.70). cost or Pedodietro LIFO Cost per Cost of Goods Available for Sale Cost of Goods Cost per # of units Available for unit Sale 31,000 $13.70 $ 424,700 Cost per # of units sold Ending Inventory - Periodic LIFO # of units Ending in ending unit Inventory inventory $ 13.70 Cost of Goods Sold unit $ 13.70 $ $ 14.50 Beginning Inventory Purchases Feb 12 Jul 22 Nov 17 Total $ 81,000 $14.50 61,000 $14.80 51,000 $15.20 224,000 $ 1.174,500 902,800 775,200 $ 3.277,200 14.50 14.80 15 20 14.80 15.20 $ $
