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. Feb Age. Jud. Sep. Now, Dec. 1 Inventory on hand-27.000 units cort $12.00 cad 12 Purch ved 77.000 unit for $13.20 ech 30 Sold 50.000 unts for $20,70 euch 22 Purchased 57.000 mts for $13.50 each 9 Sold 77.000 unts for $20.70 each. 17 Purchred 47.000 units for $13.90 och 31 Inventory on hand-81, 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 27,000 units with a cost of $12.40). 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 $17,000 Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the UFO reserve, assuming the balance at the beginning of the year was $17,000. (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 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general Journal 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. 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 27,000 units with a cost of $12.40). 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 $17,000, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would 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 27.000 units with a cost of $12.40). Cost of Goods Available for Sale LIFO of Cost per cost of Goods Available for Sale 5 12 905 348,300 Cost of Goods Sold - Periodic LIFO Ending Inventory Periodic UFO of units Cost per cost of of units Cost per Ending old Goods Selendang Inventory Inventory $ 12.90 5 0 27.000 5 12.90 S 348,300 27,000 Beginning Inventory Purchases Feb 12 S 1320 Jul 22 77.000 57,000 47000 5 13 20 $13.50 5 13 90 $ 13.50 1016.400 769.500 653 300 2.787 500 $ ol$ 47.000 $ 74.000 1320 1350 13.90 $ 1390 653,300 $1.001.600 203.000 $ 0 Required 1 Required Required) Required Determine the amount Traynor would calculate internally for ending inventory and tout (FRO onderwerpetuality s ound cost per un to de Costel Goods Artable for Sale Cost of Good Sold Coat of Goods 0 cost per Goods Goods Sold out Goods Sold 27,000 5 1250 S 34830027,000 5 1290 5 34,300 Beg Inventory Purchases February 12 22 November 1 77000 120 1016 000 760013150769 500 7 00 1350 Reed 2 >