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Telnex Corporation maintains its internal inventory records using first - in , first - out ( FIFO ) under a perpetual inventory system. The following
Telnex Corporation maintains its internal inventory records using firstin firstout FIFO under a perpetual inventory system. The following information relates to its inventory during the year: January Beginning inventory units. February Purchased units for $ each. April Sold units for $ each.July Purchased units for $ each.September Sold units for $ each.November Purchased units for $ each.December Ending inventory units. Required:Determine the amount Telnex would calculate internally for ending inventory and cost of goods sold using firstin firstout FIFO under a perpetual inventory system. Beginning inventory under FIFO was units with a cost of $ eachDetermine the amount Telnex would report externally for ending inventory and cost of goods sold using lastin firstout LIFO under a periodic inventory system. Beginning inventory under LIFO was units with a cost of $ eachDetermine the amount Telnex would report for its LIFO reserve at the end of the year. To more efficiently manage its inventory,
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