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-29,000 units; cost $14.00 each. Feb. 12 Purchased 79,000 units for $14.30 each. Apr. 30 Sold 50,000 units for $21.80 each. Jul. 22 Purchased 59,000 units for $14.60 each. Sep. 9 Sold 79,000 units for $21.80 each. Nov. 17 Purchased 49,000 units for $15.00 each. Dec. 31 Inventory on hand-87,000 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 29,000 units with a cost of $13.50). 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 $14,500. 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 "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO: # of units Cost per unit Cost of Goods Available for # of units Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold sold # of units in ending inventory Cost per unit Ending Inventory Sale Beg. Inventory Purchases: 29,000 $ 14.00 $ 406,000 $ 14.00 $ 14.00 $ 14.00 February 12 July 22 November 17 Total 79,000 14.30 59,000 14.60 49,000 15.00 216,000 1,129,700 14.30 861,400 14.60 735,000 15.00 14.30 14.60 15.00 14.30 14.60 15.00 $ 3,132,100 Required 1 Required 2 > 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 29,000 units with a cost of $13.50). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory unit Cost per Ending Inventory Beginning Inventory 29,000 $13.50 $ 391,500 $ 13.50 $ 13.50 Purchases: Feb 12 79,000 $14.30 1,129,700 $ 14.30 Jul 22 59,000 $14.60 861,400 $ 14.60 Nov 17 49,000 $ 15.00 Total 216,000 $ 735,000 3,117,600 $ 15.00 < Required 1 Required 3 > $ 14.30 $ 14.60 $ 15.00 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 > Complete this question by entering your answers in the tabs below. 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 $14,500. (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 < 1 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal