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$-23,000$ units.

February $12$ Purchased $73,000$ units for $$13\mathrm{.}70$ each.

April $30$ Sold $50,000$ units for $$21\mathrm{.}20$ each.

July $22$ Purchased $53,000$ units for $$14\mathrm{.}00$ each.

September $9$ Sold $73,000$ units for $$21\mathrm{.}20$ each.

November $17$ Purchased $43,000$ units for $$14\mathrm{.}40$ each.

December $31$ Ending inventory$-69,000$ 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 $23,000$ units with a cost of $$13\mathrm{.}40$ 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 $23,000$ units with a cost of $$1290$ 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 $$11,500.$

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units with a cost of $$13\mathrm{.}40$ each.

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