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 hand28,000 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 hand84,000 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 $18,000.

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					$0.00			$0.00	$0			$0.00	$0
Purchases:
February 12					0.00			0.00				0.00	0
July 22					0.00	0		0.00				0.00
November 17					0.00			0.00				0.00
Total	0		$0	0		$0	0		$0	$0	0		$0

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					$0.00	$0		$0.00
Purchases:
Feb 12					$0.00			$0.00
Jul 22					$0.00			$0.00
Nov 17					$0.00			$0.00
Total	0		$0	0		$0	0		$0