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-28,000 unite; cost $13.90 each. Feb. 12 Purchased 78,000 units for $14.20 each. Apr. 30 Sold 50,000 units for $21.70 each. Jul. 22 Purchased 58,000 units for $14.50 each. Sep. 9 Sold 78,000 units for $21.70 each. Nov. 17 Purchased 48,000 units for $14.90 each. Dec. 31 Inventory on hand-84,000 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 28,000 units with a cost of $13.40). 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.