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I need someone solve this question please To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under
I need someone solve this question please
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-29,000 units; cost $14.00 each. Feb. 12 Purchased 79,000 units for $14.30 each. Apr. 30 Sold 50,000 units for $21.80 each. Jul. 22 Purchased 59,000 units for $14.60 each. Sep. 9 Sold 79,000 units for $21.80 each. Nov. 17 Purchased 49,000 units for $15.00 each. Dec. 31 Inventory on hand87,000 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 29,000 units with a cost of $13.50). 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 $19,000. 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. (R places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO: # of units Cost per unit # of units Cost per unit Cost of Goods Available for Sale $ 406,000 | Cost of Goods Sold # of units sold Cost per unit cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory sold 29,000 $ 14.00 29,000 $ 14.00 $ 406,000 0 $ 14.00 $ 0 0 $ 14.00 $ Beg. Inventory Purchases: February 12 July 22 November 17 14.30 829,400 14.30 14.30 14.60 15.00 50,000 0 715,000 0 14.30 14.60 15.00 58,000 38,000 14.60 79,000| 59,000 49,000 216,000 554,800 14.60 1,129,700 861,400 735,000 $ 3,132,100 15.00 15.00 Total 79,000 $ 1,121,000 96,000 $ 1,384,200 $ 2,505,200 $ 0 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 externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory Esystem. (Assume beginning inventory under LIFO was 29,000 units with a cost of $13.50). IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII .............. IIIIIIIIIIIIIIIIIIII LIFO # of units Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost of Available for unit sold unit Goods Sold Sale | $ 0.00 $ 0 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending inventory unit Inventory $ 0.00 Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 Total $ $ 0.00 0.00 | $ $ $ 0 0.00 0.00 0.00 0 $ 0 0 $ 0 $ 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $19,000. (If required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Event General Journal Debit CreditStep by Step Solution
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