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-31,000 units. February 12 Purehased 81,000 units for $14,50 each. Apri1 30 5old 50,000 unith for $22,00 each. Joly 22 Purchazed 61,000 units for $14.80 each. september 9 sold 81,000 units for $22.00ench. November 17 Purehased 51,000 units for $15.20 each. becember 31 Ending inventory-93,000 units. Required: 1. Determine the amount Teinex 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 31,000 units with a cost of $14.20 each. 2. Determine the amount Teinex would report externally for ending inventory and cost of goods sold using last-in, first-out (L.FO) under a periodic inventory system. Beginning inventory under LIFO was 31,000 units with a cost of $13.70 each. 3. Determine the amount Teinex 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 $15,500. 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 units with a cost of $14.20 each. Determine the amount Teinex 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 31,000 units with a cost of $13.70 each. a perpetual inventory system. The following information relates to its inventory during the year: January 1 Deginning inventory-31,000 unitki Febroary 12. Furchased 81,000 units for $14.50 each. April 30 sold 50,000 undth for $22,00 ench. July 22 Purchased 61,000 units for 514.80 esch. septenber 9 sold 81,000 unite for 522,00 each. November 17 Purehaned 51,000 unith for 515,20 ench. December 31 Fnding inventorym-93,000 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 imventory system. Beginning imventory under FIFO was 31,000 units with a cost of 314.20 each. 2. Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last-in. first-out (L.IFO) under a periodic inventory system. Beginning inventory under LIFO was 31,000 units with a cost of $1370 each. 3. Determine the amount Teinex 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 af the beginning of the year was $15,500 Complete this question by entering your answers in the tabs below. Determine the amount Telnex would report for its LIFO reserve at the end of the year: Complete this question by entering your answers in the tabs below. Record the year-end adjusting entry for the LIFO reserve. The balance of the Lifo reserve at the beginning of the year was $15,500. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Fnter debits bolore credits
