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-21,000 units; cost $13.20 each. Feb. 12 Purchased 71,000 units for $13.50 each. Apr. 30 Sold 50,000 units for $21.00 each. Jul. 22 Purchased 51,000 units for $13.80 each. Sep. 9 Sold 71,000 units for $21.00 each. Nov. 17 Purchased 41,000 units for $14.20 each. Dec. 31 Inventory on hand63,000 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 21,000 units with a cost of $12.70). 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 $11,000. Answer is not complete. 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. places.) 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 21,000 units with a cost of $12.70). Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost Cost of # of Goods per units Available unit for Sale $ 21,000 12.70 $ 266,700 Cost of Goods Sold - Periodic LIFO # of Cost of Cost units Goods sold per unit Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory $ 12.70 $ 0 $ 12.70 Purchases: Feb 12 71,000 958,500 50,000 $ 13.50 675,000 20,000 X $ 13.50 270,000 Jul 22 51,000 $ 13.50 $ 13.80 $ 14.20 703,800 $ 13.80 51,000 $ 13.80 703,800 Nov 17 41,000 582,200 $ 14.20 $ 14.20 Total 184,000 $ 2,511,200 50,000 $ 675,000 71,000 $ 973,800 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 21,000 units with a cost of $12.70). 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 $11,000. Answer is not complete. 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 $ 23,400 X 4. Record the year-end adjusting entry for the Liro reserve, assuming the balance at the beginning of the year was $11,000. Answer is not complete. Complete this question by entering your answers in the tabs below. 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 $11,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 12,400 X Cost of goods sold LIFO reserve 12,400 X
