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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-26,000 units; cost $13.70 each. Feb. 12 Purchased 76,000 units for $14.00 each. Apr. 30 Sold 50.000 units for $21.50 each. Jul. 22 Purchased 56,000 units for $14.30 each. Sep. 9 Soid 76,000 units for $21.50 each. Nov. 17 Purchased 46,000 units for $14.70 each. Dec. 31 Inventory on hand-78,000 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 26,000 units with a cost of $13,20). 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 $16,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required! 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 places.) Cost of Goods Sold - September Inventory Balance PerpetualEIEO: Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of of Cost per Goods #of Cost per Cost of units units unit Available for unit Goods Sold sold Sale 26,000 5 13.70 5 356.2001 26,000 $ 13.70 5356 200 of units Cost per sold unit Cost of Goods Sold Cost per Total Cost of Goods Sold of units in ending Inventory Ending Inventory $ 13.70 S 0 5 13.70 5 0 Beg Inventory Purchases February 12 July 22 November 17 Total 0 76,000 56,000 40.000 204.000 14.00 14.30 14 70 336,000 0 14.00 14.30 14 70 52.000 24,000 1,054,000 24.000 800,800 576.200 $ 2.897 200 50.000 14.00 14.30 14.70 728.000 343,200 14.00 14.30 14.70 $692.200 70.000 31,071,200 $ 1,763.400 0 3 O Required 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 26,000 units with a cost of $13.20). LIFO Cost of Goods Available for Sale Cost of Goods #of units unit Available for Sale 26.000 $13.20 $ 343,200 Cost per Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO of units Cost per #of units Cost of Cost per Ending sold unit In ending Goods Sold unit Inventory Inventory $ 13 205 0 5 13.20 1400 Beginning Inventory Purchases Feb 12 Jul 22 Nov 17 Total 14.30 75,000 $14.00 50,000 $14.30 48.000 $14.70 204.000 1,064,000 300,000 670,200 $ 2,884.200 30,000 $ 56,000 $ 40,000 $ 132,000 420,000 800,800 676,200 $ 1,807,000 $ $ $ 14.00 14,30 14.70 14.70 0 $ 0
