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-31,000 units; cost $14.20 each. Feb. 12 Purchased 81,000 units for $14.50 each. Apr. 30 Sold 50,000 units for $22.00 each. Jul. 22 Purchased 61,000 units for $14.80 each. Sep. 9 Sold 81,000 units for $22.00 each. Nov. 17 Purchased 51,000 units for $15.20 each. Dec. 31 Inventory on hand-93,000 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 31,000 units with a cost of $13.70). 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 $15,500. 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 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 Sale # of units sold Cost per unit Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 31,000 $14.20 $ 440,200 $ 14.20 $ 14.20 $ 0 $ 14.20 $ 0 Beg. Inventory Purchases: February 12 July 22 81,000 14.50 1,174,500 14.50 14.50 14.50 0 November 17 Total 61,000 14.80 51,000 15.20 224,000 902,800 14.80 0 14.80 14.80 775,200 15.20 15.20 15.20 $ 3,292,700 0 $ 0 0 $ 0 $ 0 0 $ 0 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 31,000 units with a cost of $13.70). 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 Cost per unit Ending Inventory Beginning Inventory 31,000 $ 13.70 $ 424,700 $ 13.70 $ 0 $ 13.70 Purchases: Feb 12 81,000 $14.50 1,174,500 $ 14.50 $ 14.50 Jul 22 61,000 $14.80 902,800 $ 14.80 $ 14.80 Nov 17 51,000 $15.20 775,200 $ 15.20 $ 15.20 Total 224,000 $ 3,277,200 0 $ 0 0 $ 0