To more efficiently manage its inventory, Telnex Corporation maintains its internal nventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its inventory during the year: January 1 Beginning inventory-22,000 units. Pebruary 12 Purchased 72,000 units for $13.60 each. April 30 Sold 50,000 units for $21.10 each. July 22 Purchased 52,000 units for $13.90 each. September 9 Sold 72,000 units for $21.10 each. November 17 Purchased 42,000 units for $14.30 each. December 31 Ending inventory-66,000 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 22,000 units with a cost of $13.30 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 22,000 units with a cost of $12.80 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 $11,000