To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FFFO) 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. 3e sold 50 , eae units for $20.08 each. Jol. 22 Purchased 50,000 units for 512,80 each. Sep. 9 sold 78,660 waits for 520.00 each. Nov. 17 Parchased 40 , 0ee units for 113.20 each. Dec. 31 Inventory on hand-60, e0e 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 extemally for ending inventory and cost of goods sold using lastin, first-out (UFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 20,000 units with a cost of $1170 ). 3. Determine the amount Treynor would report for ins 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. Determine the amount Treyner would caleulate intemblly for ending inventory and cost of goods sold using first-in, first-out (AFO) under a perpetual inventory system. places.) Complete this question by entering your answers in the tabs below. 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 unilts with a cost of $11.70 ). Complete this question by entering your answers in the tabs below. Determine the amount Treynar would report for its LFO reserve at the end of the year. Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits