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 inventory23,000 units February 12 Purchased 73,000 units for $13 70 each April 30 Sold 50,000 units for $21 20 each July 22 Purchased 53,000 units for $14 00 each September 9 Sold 73,000 units for $21 20 each November 17 Purchased 43,000 units for $14 40 each December 31 Ending inventory69,000 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 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 $12 90 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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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

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 inventory23,000 units.
February 12	Purchased 73,000 units for $13.70 each.
April 30	Sold 50,000 units for $21.20 each.
July 22	Purchased 53,000 units for $14.00 each.
September 9	Sold 73,000 units for $21.20 each.
November 17	Purchased 43,000 units for $14.40 each.
December 31	Ending inventory69,000 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 $13.40 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 $12.90 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.