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 Feb. 12 Jul. 22 Sep. 9 Nov. 17 Dec. 31 Inventory on hand-20,000 units; cost $12.20 each. Purchased 70,000 units for $12.50 each. Sold 50,000 units for $20.00 each. Purchased 50,000 units for $12.80 each. Sold 70,000 units for $20.00 each. Purchased 40,000 units for $13.20 each. Inventory on hand-60,000 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 $10,000