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-28,000 units. February 12 Purchased 78,000 units for $13.30 each. April 30 Sold 50,000 units for $20.80 each. July 22 Purchased 58,000 units for $13.60 each. September 9 Sold 78,000 units for $20.80 each. November 17 Purchased 48,000 units for $14.00 each. December 31 Ending inventory-84,000 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 28,000 units with a cost of $13.00 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 28,000 units with a cost of $12.50 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 $14,000.