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 units; 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). 13. 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 $18,000. 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 Un 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 $ 389,200 # of units sold | 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 unit 28,000 $13.90 28,000 $ 13.90 $ 389,200 0 $ 13.90 $ 0 0 $ 13.90 $ 0 Beg. Inventory Purchases: February 12 July 22 November 17 312,400 56,000 795,200 0 78,000 58,000 14.20 14.50| 1,107,600 22,000 841,0000 14.20 14.50 0.00 14.20 14.50 0.00 14. 200 14.50 0.00 | $ Total 164,000 $ 2,337,800 50,000 $ 701,600 56,000 $ 795,200 $ 1,496,800 0 Required 1 Required 2 > 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 i system. (Assume beginning inventory under LIFO was 28,000 units with a cost of $13.40). LIFO # of units Cost per cost of Goods unit Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost of Goods # of units Cost per Cost of # of units Cost per Ending Available for | in ending sold unit Goods Sold unit Sale Inventory inventory $ 0.00 $ $ 0.00 Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 Total $ $ | $ 0 0.00 0.00 0.00 $ $ $ 0.00 0.00 0.00 0 0 $ 0 $ 0 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 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