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 $13.50 each. Feb. 12 Purchased 74,000 units for $13.80 each. Apr. 30 Sold 50,000 units for $21.30 each. Jul. 22 Purchased 54,000 units for $14.10 each. Sep. 9 Sold 74,000 units for $21.30 each. Nov. 17 Purchased 44,000 units for $14.50 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 $13.00). 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 $12,000. 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 (FIF places.) Cost of Goods Available for Sale. Cost of Goods Sold-April 30 Cost of Goods Sold September 9. 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. (I places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO: Cost of #of units Cost per unit Goods Available for Sale of units sold Cost per unit Cost of # of units Goods Sold sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold in ending of units Cost per unit Ending. Inventory inventory 24,000 $13.50 $ 324,000 $ 13.50 $ 13.50 $ 0 $ 13.50 $ 0 Beg. Inventory Purchases: February 12 July 221 74,000 54,000 13.80 14.10 1,021,200 13.80 13.80 13.80 0 761,400 14.10 0 14.10 14.10 November 17 44,000 14.50 638,000 14.50 14.50 14.50 Total 196,000 $2,744,600 0 S 0 $ 0 $ 0 0 S 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 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 $13.00). Cost of Goods Available for Sale LIFO of units Cost per unit Cost of Goods Available for Sale #of units Cost per sold unit Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Ending Inventory - Periodic LIFO of units In ending Cost per Ending unit Inventory Inventory Beginning Inventory 24,000 $13.00 $ 312,000 $ 13.00 $ $ 13.00 Purchases Feb 12 74,000 $13.80 1,021,200 $ 13.80 $ 13.80 Jul 22 54,000 $14.10 761,400 $ 14.10 $ 14.10 Nov 17 44,000 $14.50 638,000 $ 14.50 $ 14.50 Total 196,000 $ 2,732,600 $ $ 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 < Required 2 Required 4 >