gework 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 Cost per # of units # of Cost per Cost of # of units cold Cost per | B un in and Invent Costa Torn Cost of Goods Sol Goods Sold unit LE 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 Sold - April 30 Cost of Goods Sold - September D Inventory Batan Persel W of Cost of Goods Available for Sale Cost Cost of of per Goods unit Available for Sale $ 25,000 12.70 $ 317,600 of units sold Cost per unit Cost of Goods Sold Cost per unit units Cost of Goods Sold Total Cost of Goods Sold Cost w of units in ending Inventory sold per unit 25,000 $12.70 5 317,500 OS 12.70 $ 0 0 $ 12.70 Bog Inventory Purchases February 12 25,000 13.00 325,000 0 75,000 55.000 13.00 13.30 0 13,00 13.00 13.30 55,000 * 731,500 731,500 November 13.30 13.70 975,000 731,500 616,500 $ 2.640,500 45,000 13.30 13.70 55,000 0 0 03 03 13.70 13.70 Total 200,000 105,000 $ 1,374,000 55.000 $ 731,500 $ 2,105,500 0 Required 2 > Required 1 Required 2 Required 3 Required 4 per unit 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 - Porlodic LIFO Cost of LIFO #of Cost # of Cost of Goods Cost # of units Cost units por units Ending Goods Available in ending unit sold per unit Inventory Sold for Sale Inventory $ Beginning Inventory 25,000 0 $ 305,000 $ 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 13.70 616,500 0 X $ 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
