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 hand28,000 units; cost $13.00 each. Feb. 12 Purchased 78,000 units for $13.30 each. Apr. 30 Sold 50,000 units for $20.80 each. Jul. 22 Purchased 58,000 units for $13.60 each. Sep. 9 Sold 78,000 units for $20.80 each. Nov. 17 Purchased 48,000 units for $14.00 each. Dec. 31 Inventory on hand84,000 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 $12.50). 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. 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: Cost per # of units Cost per 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 Ending Inventory unit unit Beg. Inventory 28,000 $ 13.00 $ 364,000 $ 13.00 $ 13.00 $ 0 $ 13.00 $ 0 Purchases: 78,000 13.30 13.30 13.30 13.30 0 O February 12 July 22 1,037,400 788,800 13.60 13.60 0 13.60 13.60 November 17 58,000 48,000 212,000 14.00 14.00 14.00 14.00 672,000 $ 2,862,200 Total 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 28,000 units with a cost of $12.50). Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods # of units Available for unit Sale Cost per Cost per # of units sold Cost of Goods Sold Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 12.50 unit 28,000 $ 12.50 $ 350,000 $ 12.50 $ Beginning Inventory Purchases: Feb 12 $ 13.30 $ $ 13.30 $ 13.30 Jul 22 $ 13.60 $ 13.60 $ $ 13.60 78,000 58,000 48,000 212,000 1,037,400 788,800 672,000 2,848,200 Nov 17 $ 14.00 $ 14.00 $ 14.00 Total $ O $ 0 0 $ 0 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 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 $14,000. (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 1 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal