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i have posted this question two times already, and both times were wrong I need help to get the correct answers urgent!!PLEASE CORRECT THE INCORRECT
i have posted this question two times already, and both times were wrong I need help to get the correct answers urgent!!PLEASE CORRECT THE INCORRECT ANSWERS PLEASE. PLEASE do it correctly for a thumbs up
Exercise 8-19 (Algo) Perpetual FIFO adjusted to periodic LIFO; LIFO reserve (LO8-1,8-4, 8-6] 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-30,eee units; cost $14.10 each. Feb. 12 Purchased se, eee units for $14,40 each. Apr. 3e Sold 5e,eee units for $21.90 each. Jul. 22 Purchased 60,000 units for $14.70 each Sep. 9 Sold 80,000 units for $21.90 each. Nov. 17 Purchased 50,000 units for $15.10 each Dec. 31 Inventory on hand-90,eee 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 30,000 units with a cost of $13.60). 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. ek my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Reyn RE YE Sold Determine the amount Treynor would calculate internally for ending Inventory and cost of goods sold using first-in, first-out (FIFO) under a perpe places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost or Goods Sold - September Perpetual Cost of FIFO: # of Cost Goods # of Cost Cost of #of Cost of per Total Cost units #of unit Cost units Available Goods unit units per unit sold Goods of Goods per unit Sold in ending for Sale Sold Sold inventor Bog. Inventory 30,000 14.10 $ 423,000 30,000 $14.10 $ 423,000 0 $ 14.10 $ 0 Purchases February 12 80,000 14.40 1.152,000 20,000 14.40 286,000 50,000 14.40 720,000 July 22 60,000 14.70 882,000 0 14.70 0 30,000 14.70 441.000 40.00 November 17 50,000 15.10 755,000 0 15.10 0 15.10 50,00 $ Total 220,000 5 $ 711,000 50,000 80,000 3,212,000 90,00 1,161,000 $ 1,872,000 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve $ 711,000 Step by Step Solution
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