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 hand25,000 units; cost $13.60 each.
Feb.		12		Purchased 75,000 units for $13.90 each.
Apr.		30		Sold 50,000 units for $21.40 each.
Jul.		22		Purchased 55,000 units for $14.20 each.
Sep.		9		Sold 75,000 units for $21.40 each.
Nov.		17		Purchased 45,000 units for $14.60 each.
Dec.		31		Inventory on hand75,000 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. 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 $15,000.

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.)

Perpetual FIFO:

Cost of Goods Available for Sale

Cost of Goods Sold - April 30

Cost of Goods Sold - September 9

Inventory Balance

# 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

Cost per unit

Ending Inventory

Beg. Inventory

Purchases:

February 12

July 22

November 17

Total

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.

LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic LIFO			Ending Inventory - Periodic LIFO
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory
Purchases:
Feb 12
Jul 22
Nov 17
Total