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-28,000 units; cost $13.90 each. Feb. 12 Purchased 78,000 units for $14.20 each. Apr. 30 Sold 50,000 units for $21.70 each. Jul. 22 Purchased 58,000 units for $14.50 each. Sep. 9 Sold 78,000 units for $21.70 each. Nov. 17 Purchased 48,000 units for $14.90 each. Dec. 31 Inventory on hand-84,000 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 $13.40). 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 $18,000. 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 perpetual inventory system. (Round "Cost 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 of Cost per Goods unit Available for Sale # of units sold Cost of # of units Cost per Goods Sold sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit unit Ending Inventory 28,000 $ 13.90 $ 389,200 28,000 $ 13.90 $ 389,200 $ 13.90 $ 0 $ 13.90 $ 0 Beg. Inventory Purchases: February 12 July 22 November 17 14.20 56,000 795,200 14.20 0 14.20 14.50 14.20 14.50 14.50 0 14.50 78,000 58,000 48,000 212,000 1,107,600 841,000 715,200 $ 3,053,000 14.90 14.90 14.90 14.90 Total 84,000 $ 1,184,400 0 $ 0 $ 1,184,400 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 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 $13.40). 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 28,000 $13.40 $ 375,200 $ 13.40 $ 0 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 13.40 Beginning Inventory Purchases Feb 12 $ 14.20 $ 14.20 Jul 22 $ 14.50 $ 14.50 78,000 $ 14.20 58,000 $ 14.50 48,000 $ 14.90 212,000 1,107,600 841,000 715,200 3,039,000 Nov 17 $ 14.90 $ 14.90 Total $ 0 $ 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 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 $18,000. (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