Return to question 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-22,000 units cost $13.30 each. Feb. 12 Purchased 72.000 units for $13.60 each Ape. 30 sold 50,000 units for $21.10 each. Jul. 22 Purchased $2,000 units for $13.90 each. Sep. 9 Sold 72,000 units for $21.10 each Nov. 17 Purchased 42,000 units for $14.30 each. Dec. 31 Inventory on hand-66,000 unit. Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first.in, first-out (FFO) 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 22,000 units with a cost of $12.80). 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 $12,000. Required Required 2 Required 3 Required 4 +LIFO Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (UF) under a periodic system. (Assume beginning Inventory under LIFO was 22,000 units with a cost of $12.80). Cost of Goods Available for Sale Cost of Goods Sold - Periodia Ending Inventory - Periodic LiFO LIFO Cost Cost of # of # of Goods Cost of per Cost #of units units units Goods Cost Ending Available in ending unit sold per unit Sold inventory per unit Inventory for Sale IS Beginning Inventory 22,000 12.80 $ 281,600 OS 12.80 $ 0 $ 12.80 $ 281,600 Purchases $ Feb 12 72.000 979,200 70,000 $13.00 13.60 952,000 2.000 $13.60 27200 $ Jul 22 52,000 13.00 722,800 52.000$ 13,90 722,800 0513.90 Nov 17 42,000 600,600 0 $ 14.30 42,000 $ 1430 600.000 14.30 Total 188,000 $ 2.584,200 122,000 $ 900.400 1.874 800 16.000 22.000 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $12,000, 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 report for its uIFO reserve at the end of the year. LIFO Reserve 24,800 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $12,000. Return to qe Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 flequired 4 Required 4 Record the year-end adjusting entry for the Forecere, assuming the balance at the beginning of the year was $12,000. ( no entry is required for a transaction/event, select "No journal entry required in the first account field.) NO Event General Journal Debit Credit 1 Cost of goods sold 12,800 LIFO reserve 12.800 1 Required 3
