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-27,000 units; cost $12.90 each. Feb. 12 Purchased 77,000 units for $13.20 each. Apr. 30 Sold 50,000 units for $20.70 each. Jul. 22 Purchased 57,000 units for $13.50 each. Sep. 9 Sold 77,000 units for $20.70 each. Nov. 17 Purchased 47,000 units for $13.90 each. Dec. 31 Inventory on hand-81,000 units. Required: 1. Determine the amount Traynor 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 27,000 units with a cost of $12.40). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the year 4. Record the year and adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $17.000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 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 perpetua places.) Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Invento erpetual FIFO: # of Cost of Goods Available for Sale Cost of of Cost per Goods units unit Available for Sale 27.000 $ 12.90 $ 348,300 units sold Cost per unit Cost of Goods Sold Wof units sold Cost per unit Cost of Total Cost of Goods Sold Goods Sold # of units in ending Inventory leg. Inventory $ 12.90 $ 12.90 $ Purchases February 12 July 22 November 17 0.00 0.00 0.00 0.00 0.00 0.00 otal 27,000 348,300 S 0 $ 0 Required Required 2 > 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 system. (Assume beginning inventory under LIFO was 27,000 units with a cost of $12.40). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO # of units Cost per Cost of Goods unit Available for # of units sold Cost per unit Cost of Goods Sold Ending Inventory. Periodic LIFO # of units Cost per Ending in ending inventory unit Inventory $ 0.00 Sale $ 0.00 $ Beginning Inventory Purchases: Feb 12 Jul 22 $ $ 0.00 0.00 0.00 $ $ $ 0.00 0.00 0.00 Nov 17 Total $ 0 0 $ 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 Journal entry worksheet Record the year-end adjusting entry for LIFO reserve Note: Enter debits before credits Event General Journal Debit Credit / LLLLL / Record entry Clear entry View general Journal