The my way 21000 2. Journal entry worksheet 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-25,000 units cost $12.70 each. Feb. 12 Purchased 75,000 units for $13.00 each. Apr. 30 Sold 50,000 units for $20.50 each. Jul. 22 Purchased 55,000 units for $13.30 cach. Sep. 9 Sold 75,000 units for $20.50 each. NOV. 17 Purchased 45,000 units for $13.70 each. Dec. 31 Inventory on hand-75,000 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 25,000 units with a cost of $12.20). 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 $15,000. 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 Required 1 Required 2 Required 3 Required 4 FIFO 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.) Cost of Goode Available for Cost of Goods Sold - April 30 Cost of Goods Sold September Perpetual Inventary Balance Cost of Wor Cost Nof Goods Cost of per Cost #of units units Cost of Total Cool Available Cost of units unit Goods unite per unit Cost sold Goode Endin of Goods for Sale Sold per unit sold in ending Sold Sold Inventory per unit Inventi log ventory 25,000 $ 12.70 $317.500 25,000 $12.70 $ 317.500 5.000 $ 12.70 $ 63,500 $ 12.70 Purchases February 2 75,000 13.00 975,000 25,000 13.00 325,000 6,000 3 13.00 78,000 13.00 July 22 55,000 13.30 731,500 55,000 13:30 731,500 8,000 13.30 November 108,400 0 13:30 7 45,000 13.70 616,500 20,000 13.70 5500- 13.70 0 13.70 otal 200,000 105,000 2.640.500 19,000 1.374.000 $ 247,900 $ 1.621,900 0 > 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 externally for ending Inventory and cost of goods sold using last-in, first-out (LIFO) un system. (Assume beginning inventory under LIFO was 25,000 units with a cost of $12.20). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost #of Cost of Goods #of Cost of Cost # of units per units units Goods Cast Ending Available in ending unit sold per unit Sold for Sale inventory per unit Inventory Beginning Inventory $ 25,000 $ 12.20 305,000 0 $ 12.20 S 0 0 $ 12.20 Purchases: $ Feb 12 75,000 13.00 975,000 0 x $ 13.00 0 $ 13.00 $ Jul 22 55,000 731,500 0 X $ 13.30 13.30 0 $ 13.30 $ Nov 17 45,000 13.70 616,500 0 $ 13.70 $ 13.70 Total 200,000 $ 2,628,000 0 $ 0 $ 0 0 3. Determine the amount Treynor would report for its LIFO reserve at the 4. Record the year-end adjusting entry for the LIFO reserve, assuming the X Answer is complete but not entir 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 LIFO Reserve $ 16,500
