To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year Jan. 1 Inventory on hand-25,000 units; cost $13.60 each. Feb. 12 Purchased 75,90 units for $13.99 each. Apr. 30 Sold se, eee units for $21.40 each. Jul. 22 Purchased 55,000 units for $14.20 each. Sep. 9 Sold 75,000 units for $21.40 each. Nov. 17 Purchased 45,000 units for $14.60 each. Dec. 31 Inventory on hand-75,000 units. Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2 Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 25,000 units with a cost of $13.10). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $15,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventi places.) Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual invento places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balon Perpetual FIFO: # of units Cost per Cost per unit # of units sold Cost of Goods Available for Sale $ 340,000 Cost of Goods Sold unit # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold Cost per #of units in ending inventory unit 25,000 $ 1360 $ 13.60 S 13.60 $ 13.60 Beg. Inventory Purchases: February 12 13.90 13 90 July 22 13.90 14.20 14.60 13.90 14.20 14.20 75.000 55,000 45,000 200,000 14.20 1,042,500 781,000 657,000 $ 2.820,500 14.60 14.60 14.60 November 17 Total Red Required 2 > Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a pe system. (Assume beginning inventory under LIFO was 25,000 units with a cost of $13.10). Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per unit Available for Sale 25,000 $13.10 $ 327,500 # of units sold Cost per Ending Inventory - Periodic LIFO # of units in ending Ending unit inventory Inventory $ 13.10 Cost of Goods Sold Cost per unit $ 13.10 Beginning Inventory Purchases: Feb 12 $ 13.90 $ 13.90 $ 14.20 75,000 $13.90 55,000 $ 14.20 45,000 $ 14.60 200,000 S Jul 22 Nov 17 Total 14.20 1,042,500 781,000 657,000 $ 2,808,000 $ 14.60 $ 14.60 U was 25,000 units with a cos UIC On leynor would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of th Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve Tequired for a transaction/event, select "No journal entry required" in the first account fiel View transaction list Journal entry worksheet 1 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general jo Pro 7 of 7