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 hand24,000 units; cost $12.60 each. Feb. 12 Purchased 74,000 units for $12.90 each. Apr. 30 Sold 50,000 units for $20.40 each. Jul. 22 Purchased 54,000 units for $13.20 each. Sep. 9 Sold 74,000 units for $20.40 each. Nov. 17 Purchased 44,000 units for $13.60 each. Dec. 31 Inventory on hand-72,000 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 24,000 units with a cost of $12.10). 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 $14,000. 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 inventory system. (Round "a places.) Cost of Goods Sold - April 30 - Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO: Cost of Goods Available for Sale Cost of # of Cost per Goods units unit Available for Sale 24,000 $ 12.60 $ 302,400 # of units sold Cost per unit Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory $ 12.60 $ 12.60 $ 0 S 12.60 $ 0 12.90 0 Beg. Inventory Purchases: February 12 July 22 November 17 Total 12.90 13.20 13.60 12.90 13.20 12.90 13.20 74,000 54,000 44,000 196,000 0 954,600 712,800 598,400 $ 2,568,200 13.20 13.60 13.60 Screenshot 0 $ 0 0 $ 0 S 0 0 0 Nov. 17 Purchased 44,000 units for $13.60 each. Dec. 31 Inventory on hand72,000 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 24,000 units with a cost of $12.10). 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 $14,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 # of units ..................... 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 24,000 units with a cost of $12.10). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost per Cost of Goods # of units Cost per Cost of Cost per # of units Available for unit Ending sold in ending unit Goods Sold unit Inventory Sale inventory Beginning Inventory 24,000 $ 12.10 $ $ 290,400 $ 12.10 $ 0 $ $ 12.10 Purchases: Feb 12 74,000 $12.90 954,600 $ 12.90 $ 12.90 Jul 22 54,000 $13.20 712,800 $ 13.20 $ 13.20 Nov 17 44,000 $ 13.60 598,400 $ 13.60 $ 13.60 Total 196,000 $ 2,556,200 0 $ 0 0 $ 0 Screenshot 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-24,000 units; cost $12.60 each. Feb. 12 Purchased 74,000 units for $12.90 each. Apr. 30 Sold 50,000 units for $20.40 each. Jul. 22 Purchased 54,000 units for $13.20 each. Sep. 9 Sold 74,000 units for $20.40 each. Nov. 17 Purchased 44,000 units for $13.60 each. Dec. 31 Inventory on hand72,000 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 24,000 units with a cost of $12.10). 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 $14,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve Screenshot Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $14,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 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 journal
