To more efficiently manage its inventory, Telnex Corporation maintains its internal inventory records using first$-$in$,$ first$-$out $($FIFO$)$ under $3$ perpetual inventory system. The following information relates to its inventory during the year:

January $1$ Beginning inventory$-28,000$ units.

$=$ebruary $12$ Purchased $78,000$ units for $$13\mathrm{.}30$ each.

April $30$ Sold $50,000$ units for $$20\mathrm{.}80$ each.

July $22$ Purchased $58,000$ units for $$13\mathrm{.}60$ each.

jeptember $9$ Sold $78,000$ units for $$20\mathrm{.}80$ each.

Jovember $17$ Purchased $48,000$ units for $$14\mathrm{.}00$ each.

Jecember $31$ Ending inventory$-84,000$ units.

Zequired:

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\mathrm{.}00$ 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 $28,000$ units with a cost of $$12\mathrm{.}50$ each.

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

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.$

Complete this question by entering your answers in the tabs below. units with a cost of $$13\mathrm{.}00$ each.

$\backslash$table$[[\backslash$table$[[$Perpetual FIFO:$],[$Beginning Inventory$]],$Cost of Goods Available for Sale,Cost of Goods Sold $-$ April $30,$Cost of Goods Sold $-$ September $9,\backslash$table$[[$Total Cost of$],[$Goods Sold$]],$Inventory Balance$],[\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods$],[$Avallable for$],[$Sale$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$ending$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[28,000,$$$13\mathrm{.}00,$$$364,000,,$$$,13\mathrm{.}00,,,$$$,13\mathrm{.}00,,,2,13\mathrm{.}00,],[$Purchases:$],[$February $12,78,000,13\mathrm{.}30,1,037,400,,13\mathrm{.}30,,,13\mathrm{.}30,,,,13\mathrm{.}30,],[$July $22,58,000,13\mathrm{.}60,788,800,,13\mathrm{.}60,5,,13\mathrm{.}60,,,,13\mathrm{.}60,],[$November $17,48,000,14\mathrm{.}00,672,000,,14\mathrm{.}00,,,14\mathrm{.}00,,,,14\mathrm{.}00,]]$