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 February 12 April 30 July 22 September 9 November 17 December 31 Required: Beginning inventory-20,000 units. Purchased 70,000 units for $12.50 each. Sold 50,000 units for $20.00 each. Purchased 50,000 units for $12.80 each. Sold 70,000 units for $20.00 each. Purchased 40,000 units for $13.20 each. Ending inventory-60,000 units. 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 20.000 units with a cost of $12.20 each 2. 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 20,000 units with a cost of $1170 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 $10,000. Complete this question by entering your answers in the tabs below. Check my work