please complete all required parts
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-27.000 units cost $13.80 each. Feb. 12 Purchased 77,000 units for $14.10 each. Apr. 30 Sold 50,000 units for $21.60 each. Jul. 22 Purchased 57,000 units for $14.40 each. Sep. 9 Sold 77,000 units for $21.60 each. Nov. 17 Purchased 47,000 units for $14.80 each. Dec. 31 Inventory on hand-81,000 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 27.000 units with a cost of $13.30) 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 $17,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would 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 of Goods Sold - September 9 Inve Perpetual FIFO #of # of units Cost of Cost per Goods unit Available for Cost per unit units Cost of Goods Sold of units Cost per sold unit Cost of Goods Sold #of units in ending Total Cost of Goods Sold Check my work 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 27,000 units with a cost of $13.30). 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 $17,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would 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 of Goods Sold - September 9 Persetual FIFO # of units Cost of Cost per Goods unit Available for Sale #of units Cost per unit Cost of Goods Sold Wof units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold of units in ending Inventory Sold Bog Inventory $ 0.00 $ 0.00 (Purchases 000 February 12 July 22 November 17 0.00 ODO 0.00 0.00 0.00 Tota 0 S 0 0 0 0 $ 0 0 Required 2 > te internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) ginning inventory under LIFO was 27,000 units with a cost of $13.30). for its LIFO reserve at the end of the year. IFO reserve, assuming the balance at the beginning of the year was $17,000. nswers in the tabs below. red 4 nternally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. (Round "Cost per Unit" to 2 Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance # of units sold Cost per unit 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 $ 0.00 0.00 $ 0.00 $ 0.00 0.00 0.00 0.00 0.00 0.00 49.00 0.00 0.00 $ 0 0 $ 0 $ 0 0 Required Required 2 > 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 27000 units with a cost of $13.30). 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 $17,000. 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 externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic system. (Assume beginning inventory under LIFO was 27,000 units with a cost of $13.30). Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods Cost per Available for Sale of units sold Cost per unit Cost of Goods Sold Ending Inventory - Periodic LIFO of units Cost per Ending in ending unit Inventory Inventory $ 0.00 Beginning inventory $ 0.00 $ Purchases Feb 12 Jul 22 Nov 17 $ $ $ 0.00 0.00 0.00 $ $ $ 0.00 0.00 0.00 Total ( Required 1 Required 3 > Feb. 12 Purchased 77,000 units for $14.10 each. Apr. 30 Sold 50,000 units for $21.60 each. Jul. 22 Purchased 57,000 units for $14.40 each. Sep. 9 Sold 77,000 units for $21.60 each. Nov. 17 Purchased 47,000 units for $14.80 each. Dec. 31 Inventory on hand-81,000 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 27,000 units with a cost of $13.30). 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 $17,000. 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 Reserve ( Required 2 Required 4 > Check my work 3. Determine the amount reynor would report for its Liru 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 $17,000. 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 $17,000. (If no entry is 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 Dobit Credit
