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-21,000 units. February 12 Purchased 71,000 units for $13.50 each. April 30 Sold 50,000 units for $21.00 each. July 22 Purchased 51,000 units for $13.80 each. September 9 Sold 71,000 units for $21.00 each. November 17 Purchased 41,000 units for $14.20 each. December 31 Ending inventory-63,000 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 21,000 units with a cost of $13.20 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 21,000 units with a cost of $12.70 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 $10,500. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 21,000 units with a cost of $13.20 each. Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO: Number Cost per of units unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Number of units in Cost per ending inventory Ending unit Inventory Beginning Inventory 21,000 $13.20 $ 277,200 $ 13.20 $ 13.20 $ 0 $ 13.20 $ 0 Purchases: February 12 July 22 November 17 Total 71,000 13.50 51,000 13.80 41,000 14.20 184,000 958,500 13.50 13.50 13.50 0 703,800 13.80 0 13.80 13.80 582,200 14.20 14.20 14.20 $ 2,521,700 0 $ 0 0 $ 0 $ 0 S 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodi system. Beginning inventory under LIFO was 21,000 units with a cost of $12.70 each. Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Beginning Inventory Number Cost of units per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory 21,000 $12.70 S 266,700 $ 12.70 $ 0 S 12.70 Purchases: February 12 July 22 71,000 $13.50 958,500 $ 13.50 51,000 $13.80 703,800 $ 13.80 November 17 41,000 $14.20 582,200 $ 14.20 Total 184,000 S 2,511,200 0 $ S 13.50 S 13.80 S 14.20 $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Telnex would report for its LIFO reserve at the end of the year. LIFO Reserve Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $10,500. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction llest Journal entry worksheet 1 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal