PLEASE CORRECT WRONG ANSWERS.

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Exercise 8-19 (Static) 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: points Jan. 1 Inventory on hand 20,000 units; cost $12.20 each. Feb. 12 Purcbaged 70.000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12. BO cach. Sen. 9 Sold 70.000 units for $20.00 each Nov. 17 Purchased 40,000 units for $13.20 sach. Dec. 31 Inventory on hand-60,000 units. tors20-09 each 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 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 $10,000. Answer is complete but not entirely correct. 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 perpetual inventory system. ( places.) Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 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 $10.000. Answer is complete but not entirely correct. points 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 system. Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Cost # of Goods per units unit Cost of Goods Sold - Periodic LIFO # of Cost Cost of per unit Goods Sold units # of units in ending Inventory Available for Sale online Cost per unit Ending Inventory sold 20,000 220 S 244,000 30,000 S 12.20 $ 366,000 20,000 $ 12.20 S 244,000 Beginning Inventory Purchases: Feb 12 70,000 12.50 375,000 500,000 Jul 22 840,000 256,000 50,000 40,000 180,000 12.80 13.20 875,000 840,000 528,000 $ 2,287,000 $12.50 12.00 s 13.20 30,000 50,000 40,000 150,000 40,000 $ 12.50 20,000 $ 12.80 20,000 $ 13.20 100,000 Nov 17 528,000 264.000 Total 1,909,000 1,264,000 ( Required 1 Required 3 > Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question EEU. rulluaacu IV, VVU ILS LUL 14. COLL. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50.000 units for $12.80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40.000 units for $13.20 each Dec. 31 Inventory on hand-60,000 units. points 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. 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 $10,000. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynar would report for its LIFO reserve at the end of the year. LIFO Reserve 4,000 Required 2 Required 4 >