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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 first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its inventory during the year: January 1Beginning inventory20,000 units. February 12Purchased 70,000 units for $12.50 each. April 30Sold 50,000 units for $20.00 each.July 22Purchased 50,000 units for $12.80 each.September 9Sold 70,000 units for $20.00 each.November 17Purchased 40,000 units for $13.20 each.December 31Ending inventory60,000 units.  Required:1.Determine the amount Telnex would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. Beginning inventory under FIFO was 20,000 units with a cost of $12.20 each.2.Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. Beginning inventory under LIFO was 20,000 units with a cost of $11.70 each.3.Determine 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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