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-20,000 units cost $12.20 each. Feb. 12 Purchased 70.000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purebased 50,000 units for $12.00 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Dec. 31 Inventory on hand -60,000 units. Required: 1. Determine the amount Treynor would calculate Internally for enging 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 20,000 units with a cost of $11.70). 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 $10,000. Complete this question by entering your answers in the tabs below. Required 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 UFO was 20,000 units with a cost of $11.70). 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 20,000 units with a cost of $11.70). LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods Cost per # of units Cost per Cost of # of units Available for unit sold unit Goods Sold Sale 20,000 $11.70 $ 234,000 $ 11.70 $ 0 Ending Inventory - Periodic LIFO #of units Cost per in ending Ending unit inventory Inventory $ 11.70 Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 Total $ $ 12 50 12.80 $ $ 70,000 $12.50 50,000 $ 12.80 40,000 $13.20 180,000 875,000 640.000 528.000 $ 2.277,000 12.50 12.80 13.20 $ 13.20 $ $ 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 calculate internally for ending inventory and cost of goods sold using first in, first-out (FIFO) under a perpetual inventory system. (Round Cost of Goods Sold September 9 Inventory Balance Cost of Goods Available for Sale Cost of Goods Sold - April 30 of Perpetual FIFO Cost per Cost per Cost of Goods Available for Sale Cost per unit # of units Cost per sold unit Total Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold #of units #of units in ending Inventory Ending Inventory unit unit sold $ 0 12.20 $ $ 0 12.20 $ $ 12.20 20,000 $ 12.20 $ 244.000 12.50 0 Beg Inventory Purchases February 12 July 22 November 17 Total 12.50 12.80 0 70,000 50.000 40.000 180.000 12.50 12.80 13.20 12.50 12.80 13.20 12.80 13.20 875,000 640,000 528.000 $ 2.287.000 13.20 $ 0 0 0 $ OS 0 0 0 $ Required 2
