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. Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inve system. Beginning inventory under LIFO was 21,000 units with a cost of $12.70 each. 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. 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: January1Beginninginventory-21,000units.February12Purchased71,000unitsfor$13.50each.April30Sold50,000unitsfor$21.00each.July22Purchased51,000unitsfor$13.80each.September9Sold71,000unitsfor$21.00each.November17Purchased41,000unitsfor$14.20each.December31Endinginventory-63,000units. 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. Determine the amount Telnex would report for its LIFO reserve at the end of the year. 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: 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. 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. Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits