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 $13,000. (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 LIO reserve. Note: Enter debits before credits. Event General Journal Debit Credit View general journal Record entry Clear entry > Sep. 9 Sold 76,000 units for $21.50 each. Nov. 17 Purchased 46,000 units for $14.70 each. Dec. 31 Inventory on hand-78,000 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 26,000 units with a cost of $13.20). 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 $13,000. 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 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. (Rour places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold September 9 Inventory Balance Perpetual FIFO Cost of # of units Cost per unit Goods Available for Sale # of units sold Cost per unit Cost of # of units Goods Sold sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory 26,000 $ 13.70 $ 356,200 26,000 S 13.70 $ 356,200 $ 13 70 $ 0 $ 13.70 $ 0 Purchases. February 12 July 22 November 17 Total 76,000 14.00 56,000 14.30 46,000 14.70 204,000 1,064,000 50,000 800,800 50,000 676,200 50,000 14.00 14.30 14.70 700,000 715,000 14.00 14.00 0 14.30 14.30 14.70 14.70 $ 2,897,200 126,000 $ 1,771,200 0 $ 0 S 1,771,200 0 S 0 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-26,000 units; cost $13.70 each. Feb. 12 Purchased 76,000 units for $14.00 each. Apr. 30 Sold 50,000 units for $21.50 each. Jul. 22 Purchased 56,000 units for $14.30 each.. Sep.. 9 Sold 76,000 units for $21.50 each. Nov. 17 Purchased 46,000 units for $14.70 each. Dec. 31 Inventory on hand-78,000 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 26,000 units with a cost of $13.20) 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 $13,000. + 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 perpetual inventory system. (Round "Cost places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold September 9 Cost of Inventory Balance 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 i system. (Assume beginning inventory under LIFO was 26,000 units with a cost of $13.20). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 26,000 $13.20 $ 343,200 26,000 $ 13.20 $ 343,200 $ 13.20 Purchases Feb 12 Jul 22 76,000 $14.00 56,000 $14.30 1,064,000 800,800 26,000 $ 14.00 364,000 $ 14.00 $ 14.30 $ 14.30 Nov 17 46,000 $14.70 676 200 $ 14.70 $ 14.70 Total 204,000 2.884,200 52.000 $ 707,200