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 $31$

Beginning inventory$-20,000$ units.

Purchased $70,000$ units for $$12\mathrm{.}50$ each.

Sold $50,000$ units for $$20\mathrm{.}00$ each.

I

Purchased $50,000$ units for $$12\mathrm{.}80$ each.

Sold $70,000$ units for $$20\mathrm{.}00$ each.

Purchased $40,000$ units for $$13\mathrm{.}20$ each.

Ending inventory$-60,000$ units.

Required:

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\mathrm{.}20$ each.

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 $20,000$ units with a cost of $$11\mathrm{.}70$ each.

Determine the amount Telnex would report for its LIFO reserve at the end of the