To more efficiently manage its inventory, lelnex Corporation maintains its internal inventory records using first-in, first-out (HIFO) under a perpetual inventory system. The following information relates to its inventory during the year. January 1 Beginning inventory-27,000 units. February 12 Purchased 77,000 units for $14.10 each. April 30 Sold 50,000 units for $21.60 each. July 22 Purchased 57,000 units for $14.40 each. September 9 Sold 77,000 units for $21.60 each. November 17 Purchased 47,000 units for $14.80 each. December 31 Ending inventory-81,000 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 27,000 units with a cost of $13.80 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 27,000 units with a cost of $13 30 each. 3. Determine the amount Telnex would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $13,500 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 27,0 units with a cost of $13.80 each. Perpetual FIFO: Beginning Inventory Purchases. February 12 July 22 November 17 Total Cost of Goods Available for Sale Number Cost per of units unit 27,000 $13.80 77,000 14 10 57,000 47,000 208,000 14.40 14.80 Cost of Goods Sold - April 30 Cost of Number Goods of units Available for sold Sale $ 372,600 27,000 $ 1,085,700 820,800 695,600 $ 2,974,700 27,000 Cost per unit 13.80 14.10 14.40 14 80 Cost of Goods Sold $ 372 600 0 $ 372,600 Cost of Goods Sold - September 9 Number of units sold Cost per unit 0 $ 0 13.80 14.10 14.40 14.80 Cost of Goods Sold $ $ 0 Total Cost of Goods Sold 0 $ 372,600 Inventory Balance Number of units in ending inventory 0 0 Cost per unit $ Ending Inventory 13.80 $ 14.10 14.40 14.80 $ 0 0 0

a perpetual invertory syitem. The followng information relates to its inventory during the year Requirtal. $13500 Complete this question by entering your answers in the tobs below. a perpetual inventory system The fotowing information relares to its itventory during the year Janery 1 Ergining inventery 27 , ewe units. Aerll 10 Sold so,eos wita for salibe esch. Aily: 22 Purchased $7,400 units for $14,40 each. Septonter 9 Sald 77,000 unlte far- 121.60 ench. Recuired: 1. Determine the amount Feinex would calculate internally for ending inventory and cost of poods sold using first in, first out (FiFO) under a perpetual irventary system. Beginning irventory under fifO was 27,000 units with a cost of $13.00 each 2. Demernine the amount Telnex would report externatly for ending inventory and cost of poods sold using last in, first out (Lif O) under a periodic inventory system. Beginning imerfory under Lifo was 27000 unis with a cost of $1370 each. 3. Determine the amount Telnex would report for its LIFO reserve at the end of the year 4. Record the year end adjusing entry for the Lifo reserve The balance of the lifo reserve at the begnning of the year was 513,600 Complete this question by entering your answers in the tabs below. irstem. feginning imentory under Liro wan 27,000 units with a cost of 513.30 each. a perpetual invertory syitem. The followng information relates to its inventory during the year Requirtal. $13500 Complete this question by entering your answers in the tobs below. a perpetual inventory system The fotowing information relares to its itventory during the year Janery 1 Ergining inventery 27 , ewe units. Aerll 10 Sold so,eos wita for salibe esch. Aily: 22 Purchased $7,400 units for $14,40 each. Septonter 9 Sald 77,000 unlte far- 121.60 ench. Recuired: 1. Determine the amount Feinex would calculate internally for ending inventory and cost of poods sold using first in, first out (FiFO) under a perpetual irventary system. Beginning irventory under fifO was 27,000 units with a cost of $13.00 each 2. Demernine the amount Telnex would report externatly for ending inventory and cost of poods sold using last in, first out (Lif O) under a periodic inventory system. Beginning imerfory under Lifo was 27000 unis with a cost of $1370 each. 3. Determine the amount Telnex would report for its LIFO reserve at the end of the year 4. Record the year end adjusing entry for the Lifo reserve The balance of the lifo reserve at the begnning of the year was 513,600 Complete this question by entering your answers in the tabs below. irstem. feginning imentory under Liro wan 27,000 units with a cost of 513.30 each