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-20,000 units; cost $12.20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12.80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Dec. 31 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. (Assume beginning inventory under LIFO was 20,000 units with a cost of $11.70). 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 $10,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpet places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inve Perpetual FIFO: Cost per Cost per # of units Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory unit unit Beg. Inventory 20,000 $ 12.20 $ 244,000 20,000 $ 12.20 $ 244,000 $ 12.20 $ 0 $ Purchases: 12.50 12.50 12.50 February 12 July 22 12.80 12.80 0 12.80 70,000 50,000 40,000 180,000 875,000 640,000 528,000 $ 2,287,000 20,000 November 17 13.20 13.20 13.20 Total $ 244,000 0 $ 0 $ 244,000 0 Required 1 Required 2