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-24,000 units; cost $12.60 each. Feb. 12 Purchased 74,000 units for $12.90 each. Apr. 30 Sold 50,000 units for $20.40 each. Jul. 22 Purchased 54,000 units for $13.20 each. Sep. 9 Sold 74,000 units for $20.40 each. Nov. 17 Purchased 44,000 units for $13.60 each. Dec. 31 Inventory on hand-72,000 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 24,000 units with a cost of $12.10) 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 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 $14,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 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 24,000 units with a cost of $12.10). 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 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 perpet places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inve Perpetual FIFO: # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending Inventory Beg. Inventory $ 0.00 $ 0.00 $ Purchases February 12 July 22 November 17 Total 0.00 0.00 0.00 0.00 0.00 0.00 0 0 $ 0 $ 0 0 Required 2 > 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 24,000 units with a cost of $12.10). 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. 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 period system. (Assume beginning inventory under LIFO was 24,000 units with a cost of $12.10). LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO Cost of Goods Cost per Cost of # of units cost per Available for W of units of units in ending Cost per Ending sold unit Sale unit unit Goods Sold Inventory Inventory $ 0.00 $ $ 0.00 $ 0.00 Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 Total 0.00 0.00 0.00 $ 0.00 $ 0.00 ( Required 1 Required 3 > 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-24,000 units; cost $12.60 each. Feb. 12 Purchased 74,000 units for $12.90 each. Apr. 30 Sold 50,000 units for $20.40 each. Jul. 22 Purchased 54,000 units for $13.20 each. Sep. 9 Sold 74.000 units for $20.40 each. Nov. 17 Purchased 44,000 units for $13.60 each. Dec. 31 Inventory on hand-72,000 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 24,000 units with a cost of $12.10). 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 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 Required 2 Required 4 > 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $14,000. 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 $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 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits Event General Journal Debit Credit