please complete all required parts to the question
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. 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 $21.50 each. Jul. 22 Purchased 57.000 units for $14.40 each. Sep. 9 Sold 77.000 units for $21.50 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 Perpetual FIFO Cost per Cost of Goods Cost per Cost of of units Coster Cost of Total Cost of of units 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. oints Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 References Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first in, first-out (FIFO) under a perpet places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold September Perpetual FIFO Cost of of units of Cost per Goods units Cost per cost of Cost of Hof units Cost per of units Cost of Total Cost of in ending units unit Available for unit Goods Sold Goods Sold inventory Sale sold Beg inventory Purchases February 12 Juy 22 November 17 Total Required 2 > ulate Internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) ort externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) beginning inventory under LIFO was 27,000 units with a cost of $13.30). ort for its LIFO reserve at the end of the year. le LIFO reserve, assuming the balance at the beginning of the year was $17,000. ranswers in the tabs below. Required 4 te internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. (Round "Cost per Unit" 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 Cost per sold unit Cost of Goods Sold Cost per Total Cost of Goods Sold of units in ending Inventory Ending Inventory 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 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 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). rences LIFO Cost of Goods Available for Sale Cost of Goods of units Cost per Available for unit Sale Cost of Goods Sold - Periodic LIFO E nding Inventory. Periodic LIFO # of units of units Cost per Cost of in ending Cost per Ending sold unit Goods Sold Inventory unit Inventory Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 Check my 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 Traynor would report for its LIFO reserve at the end of the year. LIFO Reserve Check my 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 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 Debit Credit
