Narli is sold se, soo inity far su1, on warh. Mevereen is hunhated at, pot init. fare sit an wh. Aesvired: 3. Delemine the amount leinex would report for as Lro resterve at the thd of the yea 4. Fecord the yealend adjuning entiy lor bie L.IFO ieseive. The balunce of the urometerve at the begrning of the yoar mat $10,500 Complete this question by entering vouer answers in the tabs below. To more efficiently manage its inventory, Telnex Corporation maintains its internal inventory records using first-in, first-out (FFFO) under a perpetual inventory system. The following information relates to its inventory during the year January 1 deginning inventory-21, eov units. February 12 . Purchased 71,009 units for $13,50 each. April 30 Sold 50,000 units for $21,00 each. July 22 purchased 51,000 units for $13.80 each. September 9 sold 71,090 units for $21.09 each. November 17 Purchased 41,009 units for $14.20 each. Decenber 31 Ending Inventory-63, 000 units. Required; 1. 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 21,000 units with a cost of $13.20 each. 2. Defermine the amount Telnex would report externally for ending inventory and cost of goods sold using last-in, first-out (UIFO) under a periodic inventory system. Beginning inventory under LiF O was 21,000 units with a cost of $1270 each 3. Determine the amount Teinex would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve The balance of the Lifo reserve at the beginning of the year was $10,500 Complete this question by entering your antwers in the tabs below. Determine the amount Telnex would report externally for ending imventory and cost of goods sold using last-in, first-out (Lifo) under a periodic inven system. Beginning inventory under LIFO was 21,000 units with a cost of $12.70 each. a perpetual inventory system. The following information relates to its inventory during the January 1 Beginning inventory 21,000 units. February 12 Purchased 71,000 units for $13.50 each. April 30 sold 50,000 units for $21.00 each. July 22 Purchased 51,000 units for $13.80 each. September 9 Sold 71,000 units for $21.00 each. November 17 Purchased 41,000 units for $14.20 each. December 31 Ending inventory-63,000 units. Required: 1. Determine the amount Telnex would calculate internally for ending inventory and cos under a perpetual inventory system. Beginning inventory under FIFO was 21,000 units 2. Determine the amount Telnex would report externally for ending inventory and cost of under a periodic inventory system. Beginning inventory under LIFO was 21,000 units 3. Determine the amount Telnex would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve. The balance of the LIFO rese $10.500 Complete this question by entering your answers in the tabs below. Determine the amount Telnex would report for its LIFO reserve at the end of the year. Required: 1. Determine the amount Telnex would calculate internally for ending inventory and cost of g under a perpetual inventory system. Beginning inventory under FIFO was 21,000 units with 2. Determine the amount Telnex would report externally for ending inventory and cost of goo under a periodic inventory system. Beginning inventory under LIFO was 21,000 units with a 3. Determine the amount Telnex would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve. The balance of the LIFO reserve $10,500. Complete this question by entering your answers in the tabs below. Record the year-end adjusting entry for the LiFO reserve. The balance of the LIFO reserve at the begir Note: If no entry is required for a transaction/event, select "No journal entry required" in the first acco Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note; Enter debits before credits