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Exercise 8-19 (Algo) Perpetual FIFO adjusted to periodic LIFO; LIFO reserve (L08-1, 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-30,000 units; cost $14.1e each Feb. 12 Purchased 30.000 units for $14.40 each. Apr. 50 Sold 50,000 units for $21.99 each Jul. 22 Purchased 60,000 units for $14.70 each Sep 9 Sold se,100 units for $21.90 each. Nov. 17 Purchased 50,000 units for $15.10 each Dec. 31 Inventory on hand-90,000 units. TI 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 $1360) 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 Check my work Complete this question by entering your answers in the tabs below. Cost per 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 per places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Perpetual FIFO Cost of #of # of Goods Cost per Cost of units of units Cost per Cost of Total Cost of # of units units unit Available for unit Goods Sold sold sold unit Goods Sold Goods Sold in ending Sale inventory Beg. Inventory 30,000 $14.10 $ 423,000 $ 14.10 5 14.10 $ 0 Purchases February 12 80,000 14.40 1.152.000 14.40 14.40 July 22 60,000 14.70 882,000 14.70 0 14.70 November 17 50,000 15.10 755,000 15.10 15.10 Total 220.000 $ 3.212,000 0 S 0 0 $ 0 $ 0 BE Remited 2 Required 4 ite internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. (Round "Cost per Unit ale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance #of units sold Cost per Cost per or Cost of # of units Goods Sold sold unit Cost per Cost of Goods Sold unit Total Cost of Goods Sold of units in ending inventory unit Ending Inventory 100 S 14.10 s 14.10 $ 0 S 14.10 $ 0 100 1440 0 14.40 14.70 15.10 14.40 14.70 100 0 100 14.70 15.10 15.10 100 0 S 0 0 $ ol 0 $ 0 Required 2 Check my work 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 period system. (Assume beginning inventory under LIFO was 30,000 units with a cost of $13.60). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory. Periodic LIFO LIFO Cost per Cost of Goods # of units # of units Cost per # of units Cost of Available for unit Cost per Ending sold Sale in ending unit Goods Sold unit Inventory Inventory Beginning Inventory 30,000 $13.00 $ 408,000 $ 13.00 $ 0 $ 13.00 Purchases: Feb 12 80,000 $14.40 1.152.000 $ 14.40 $ 14.40 Jul 22 60,000 $14.70 882.000 $ 14.70 $ 14.70 Nov 17 50,000 $15.10 755,000 $ 15.10 $ 15.10 Total 220,000 $ 3,197,000 0 $ 0 0 S Check my w under a penodic inventory system (Assume beginning inventory under Liru was 30,00U uns with a cost of $13,00). 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 report for its LIFO reserve at the end of the year. LIFO Rotarve