Exercise $8-19($Algo$)$ Perpetual FIFO adjusted to periodic LIFO; LIFO reserve $[$LO$8-1,8-4,8-6]$

To more efficiently manage its inventory, Telnex Corporation maintains its internal inventory records using first$-$in$,$ first$-$out $($FIFO$)$ under a perpetual inventory system. The following information relates to its inventory during the year:

January $1$ Beginning inventory$-22,000$ units.

February $12$ Purchased $72,000$ units for $$12\mathrm{.}70$ each.

April $30$ Sold $50,000$ units for $$20\mathrm{.}20$ each.

July $22$ Purchased $52,000$ units for $$13\mathrm{.}00$ each.

September $9$ Sold $72,000$ units for $$20\mathrm{.}20$ each.

November $17$ Purchased $42,000$ units for $$13\mathrm{.}40$ each.

December $31$ Ending inventory$-66,000$ units.

Required:

Determine the amount Telnex would calculate internally for ending inventory and cost of goods sold using first$-$in$,$ first$-$out $($FIFO$)$ under a perpetual inventory system. Beginning inventory under FIFO was $22,000$ units with a cost of $$12\mathrm{.}40$ each.

Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last$-$in$,$ first$-$out $($LIFO$)$ under a periodic inventory system. Beginning inventory under LIFO was $22,000$ units with a cost of $$11\mathrm{.}90$ each.

Determine the amount Telnex would report for its LIFO reserve at the end of the year.

Record the year$-$end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $$11\mathrm{.}000$