correct the red marks. what is the correct answer?
answer question 1 & 2
ule year LIPO reserve, assuming the balance at the beginning of the year was $1,000 Complete this question by entering your answers in the tabs below. Answer is not complete Required 1 Required 2 | Required 3 Required 4 Determine the amount Treynor would calculate internally for ending investory and cost of goods sold using first-in, first out (Piro) under a perpetua melayu places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September Perpetual FIFO: Inwery latan of units Cost of Goods Available for Sale units Cost per unit Cost of Goods Sold units Cost of Goods Cost per unit Total Cost of Goods sold of units in ending ventory Cont per un E nding inventory Beg Inventory Purchases 24,000 2 302.400 24,000 12.00 $302.400 $ 12.00 5 0 5 1260 3 0 12.00 954.600 12.00 74.000 54.000 44.000 74.000 20.000 12.00 12.00 13.20 13.60 0 54,800 712.800 508.400 1320 300.000 13.20 13.00 13.00 508.400 13.00 108.000 124.000 2568 200 $ 600.000 S 2.568.200 900.000 Required 2 > to search To more efficiently manage its inventory. Treynor Corporation maintains its internal inventory records using first-in, first out (FFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year Jan. 1 Inventory on hand-24,eee units; cost $12.60 each. Feb. 12 Purchased 74,000 units for $12.99 each. Apr. 30 Sold 50,890 units for $20.40 each. Jul. 22 Purchased 54,800 units for $13.20 each. Sep. 9 Sold 74,800 units for $20.40 each, Nov. 17 Purchased 44,000 units for $13.60 each. Dec. 31 Inventory on hand-72,800 units. Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first in first-out (FIFOJ 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 LIFOJ under a periodic inventory system. Assume beginning inventory under LIFO was 24,000 units with a cost of $12.10. 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. Answer is not complete. 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 a perpetual inventory system cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Cost Cost of Goods of units Cost of Goods Cost Cost of Goods Total Cost of units of Goodsin ending ere to search 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 pe system. (Assume beginning inventory under LIFO was 24,000 units with a cost of $12.10). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost Cost of # of Goods # of per Cost of Cost units of units units Available Cost Goodsin ending unit Ending per unit sold for Sale Sold inventory per unit Inventory Beginning Inventory 24,000 12.10s 200,400 $ 12.10 $ 0 24,000 5 12.10 $ 200,400 Purchases: Feb 12 74.000 1260 954,800 28,000 5 12.90 335.400 43,000 12.00 810.200 54.000 Jul 22 13.20 712.800 $ 13.20 44.000 s 13.80 598.400 598.400 S Nov 17 13.60 72.000 $ 200.000 124.000 198.000 $ 2.550.200 Total 1.040.000 13 20 712.800 54,000 44.000 13.60 # re to search
