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$-29,000$ units.

February $12$ Purchased $79,000$ units for $$14\mathrm{.}30$ each.

April $30$ Sold $50,000$ units for $$21\mathrm{.}80$ each.

July $22$ Purchased $59,000$ units for $$14\mathrm{.}60$ each.

September $9$ Sold $79,000$ units for $$21\mathrm{.}80$ each.

November $17$ Purchased $49,000$ units for $$15\mathrm{.}00$ each.

December $31$ Ending inventory$-87,000$ 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 $29,000$ units with a cost of $$14\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 $29,000$ units with a cost of $$13\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

$$14,500.$

Complete this question by entering your answers in the tabs below.

Required $1$

units with a cost of $$14\mathrm{.}00$ each.