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To more efficiently manage its inventory. Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) unde a perpetual inventory system. The following information

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To more efficiently manage its inventory. Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) unde a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand-30,000 units; cost $14.10 each. Feb. 12 Purchased 8e, eee units for $14.40 each. Apr. 3e Sold 50,000 units for $21.99 each. Jul. 22 Purchased 6e,eee units for $14.70 each. Sep. 9 Sold 80,000 units for $21.99 each. Nov. 17 Purchased 50,000 units for $15.10 each. Dec. 31 Inventory on hand-90,000 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 30,000 units with a cost of $13.60). 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 $20,000. Complete this question by entering your answers in the tabs below. 71% ENG rk i Saved Help Save & Exit Submit Required 1 Required 2 Check my work 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 perpe places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Perpetual FIFO: Cost of # of Cost per Goods units unit Available for Sale 30,000 $ 14.10 $ 423,000 # of units sold Cost per Cost of # of units Cost per Goods Sold sold unit unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory $ 14.10 S 14.10 $ 0 Beg. Inventory Purchases: February 12 July 22 November 17 Total 30.000 60,000 50,000 220,000 14.40 14.70 15.10 0 1.152,000 882,000 755,000 $ 3,212,000 14.40 14.70 15.10 14.40 14.70 15.10 0 S 0 0 $ 0 $ ly for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. (Rou of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Cost per unit Cost of # of units Goods Sold sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold Cost per # of units in ending inventory unit Ending Inventory $ 14.10 $ 14.10 $ 0 14.10 s 14.40 14.40 14.70 15.10 14.40 14.70 0 14.70 15.10 15.10 $ 0 0 $ 0 $ 0 0 Required Required 2 > Help Save & Exit Sub Check my work Required 1 Required 2 Required 3 Required 4 Cost per Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a perioa system. (Assume beginning inventory under LIFO was 30,000 units with a cost of $13.60). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods # of units # of units # of units Cost per Available for Cost of Cost per Ending unit sold Sale in ending unit Goods Sold unit inventory Inventory Beginning Inventory 30,000 $13.60 $ 408,000 s 13.60 $ 0 $ 13.60 Purchases: Feb 12 80.000 $ 14.40 1.183,000 $ 14.40 $ 14.40 Jul 22 60,000 $ 14.70 882,000 $ 14.70 $ 14.70 Nov 17 50,000 $15.10 755,000 $ 15.10 $ 15.10 Total 220.000 $ 3,197,000 0 $ 0 0 S 0 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the yea 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 required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list w Journal entry worksheet

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