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. HINTS: The accounting issue in this problem is similar to Example 4 in the chapter 8 notes--the company uses FIFO perpetual in the accounting records and reports LIFO periodic amounts on the company's financial statements using a LIFO Reserve account. In Req. 1, compute COGS and ending inventory using FIFO perpetual. In Req. 2, compute COGS and ending inventory using LIFO periodic (at end of period, ignore dates of sales/ purchases). In Req. 3, compute the ending balance in the LIFO Reserve account. In Req. 4, record the adjusting entry for the LIFO Reserve account; notice that the LIFO Reserve has a beginning balance. 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 $21,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would 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). Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale $ 31,000 13.70 $ 424,700 Cost of Goods Sold - Periodic LIFO # of Cost Cost of units Goods per unit sold Sold # of units in ending inventory Cost per unit Ending Inventory 0 $ 13.70 s 0 31,000$ 13.70 $ 424,700 Beginning Inventory Purchases: : Feb 12 81,000 1,174,500 1.029,500 739,500 Jul 22 $ 14.50 $ 14.80 $ 15.20 51,000 $ 14.50 0 0 $ 14.80 61,000 902,800 71,000 $14.50 X $ 61,000 $ 14.80 $ 51,000 $ 15.20 $ 902.800 Nov 17 51,000 775,200 775,200 $ 15.20 Total 224,000 $ 3,277,200 183,000 Is 2,707,500 82.000 $ 1,164,200 To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) un a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand31,000 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. HINTS: The accounting issue in this problem is similar to Example 4 in the chapter 8 notes--the company uses FIFO perpetual in the accounting records and reports LIFO periodic amounts on the company's financial statements using a LIFO Reserve account In Req. 1, compute COGS and ending inventory using FIFO perpetual. In Req. 2, compute COGS and ending inventory using LIF periodic (at end of period, ignore dates of sales/ purchases). In Req. 3, compute the ending balance in the LIFO Reserve account In Req. 4, record the adjusting entry for the LIFO Reserve account; notice that the LIFO Reserve has a beginning balance. 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 $21,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve $ 232,600 X To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand31,000 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. HINTS: The accounting issue in this problem is similar to Example 4 in the chapter 8 notes--the company uses FIFO perpetua the accounting records and reports LIFO periodic amounts on the company's financial statements using a LIFO Reserve acco In Req. 1, compute COGS and ending inventory using FIFO perpetual. In Req. 2, compute COGS and ending inventory using periodic (at end of period, ignore dates of sales/ purchases). In Req. 3, compute the ending balance in the LIFO Reserve acco In Req. 4, record the adjusting entry for the LIFO Reserve account; notice that the LIFO Reserve has a beginning balance. Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIR 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 $21,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $21,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Cost of goods sold 40,000 X 00 LIFO reserve 40,000