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 hand25,000 units; cost $12.70 each.
Feb.		12		Purchased 75,000 units for $13.00 each.
Apr.		30		Sold 50,000 units for $20.50 each.
Jul.		22		Purchased 55,000 units for $13.30 each.
Sep.		9		Sold 75,000 units for $20.50 each.
Nov.		17		Purchased 45,000 units for $13.70 each.
Dec.		31		Inventory on hand75,000 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 $12.20). 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 $12,500.

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 $12.70 each. Feb. 12 Purchased 75,000 units for $13.00 each. Apr. 30 Sold 50,000 units for $20.50 each. Jul. 22 Purchased 55,000 units for $13.30 each. Sep. 9 Sold 75,000 units for $20.50 each. Nov. 17 Purchased 45,000 units for $13.70 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 $12.20 ). 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 $12,500. Complete this question by entering your answers in the tabs below. Determine the amount Treynor would report for its LIFO reserve at the end of the year