To more efficiently manage its inventory. 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 1 Beginning inventory 23,000 units. February 12 Purehased 73,000 units for $12,80 each. April 30 Sold 50,000 units for $20.30 esch. July 22 Purchased 53,000 units for $13.10 each. Septenber 9 sold 73,000 units for $20.30 earh. November 17 Purchased 43,000 units for $13.50 each. Decenber 31 Ending inventory-69, 000 unita. Required: 1. Determine the amount Telnex would calculate internaly for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. Beginning inventory under FIFO was 23,000 units with a cost of $12.50 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 23,000 units with a cost of $12.00 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 $11,500. Complete this question by entering your answers in the tabs below