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 hand23,000 units; cost $12.50 each.
Feb.		12		Purchased 73,000 units for $12.80 each.
Apr.		30		Sold 50,000 units for $20.30 each.
Jul.		22		Purchased 53,000 units for $13.10 each.
Sep.		9		Sold 73,000 units for $20.30 each.
Nov.		17		Purchased 43,000 units for $13.50 each.
Dec.		31		Inventory on hand69,000 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 23,000 units with a cost of $12.00). 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 $13,000.

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 (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 Sale of units Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory sold 23,000 $ 12.50 $ 287,500 23,000 $ 12.50 $ 287,500 99,000 12.50 $ 1.237.500 69,000 $ 12.50 $ 862,500 27.000 12.80 Beg. Inventory Purchases: February 12 July 22 November 17 Total 12.80 13.10 13.50 345,600 0 46,000 53.000 7 3,000 53,000! 43.000 192,000 588,800 694,300 13.10 934.400 694,300 580,500 $ 2,496,700 12.80 13.10 13.50 12.80 13.10 13.50 13.50 50.000 $ 633,100 198,000 $ 2,520,800 $ 3,153,700 69.000 $ 862,500 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 23,000 units with a cost of $12.00). LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO # of units O Cost per Cost of Goods pe Available for # of units Cost per Cost of unit Sale I sold unit Goods Sold 23,000 $12.00 $ 276.000 23,000 $ 12.00 $ 276,000 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 12.00 Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 Total 73,000 53,000 43,000 192,000 $ 12.80 13.10 $13.501 9 34.400 694,300 580.500 2.485,200 0 0 0 23,000 $ $ $ 12.80 13.10 13.50 $ $ $ 12.80 13.10 13.50 $ $ 276.000 Determine the amount Treynor would report for its LIFO reserve at the end of the year LIFO Reserve Required 2 Required 4 > Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $13,000. (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 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal