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-21,800 units; cost $13.20 each. Feb. 12 Purchased 71,eee units for $13.50 each. Apr. 30 Sold 50,eee units for $21.ee each. Jul. 22 Purchased 51,000 units for $13.8e each. Sep. 9 Sold 71,089 units for $21.ee each. Nov. 17 Purchased 41,eee units for $14.20 each. Dec. 31 Inventory on hand-63,800 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. 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. (R places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO: #of Cost per unit Cost of # of Cost per Goods units unit Available for Sale 21,000 S 13.20 S 277,200 units sold Cost per Cost of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory unit Ending Inventory S 13.20 S 13.20 S 0 S 13.20 S 0 Beg. Inventory Purchases February 12 13.50 0 13.50 13.80 13.50 13.80 13.50 13.80 July 22 0 13.80 71,000 51,000 41,000 184,000 958,500 703,800 582,200 S 2.521,700 14.20 14.20 14.20 14.20 November 17 Total 0 S 0 S 0 S 0 S 0 Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Cost per Cost per Goods Sold in ending 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). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods # of units Cost of # of units Cost per # of units unit Ending Available for sold unit unit Inventory Sale inventory Beginning Inventory 21,000 S 12.70 S 266,700 S 12.70 S S 12.70 Purchases: Feb 12 71,000 S 13.50 958.500 S 13.50 S 13.50 Jul 22 51,000 $ 13.80 703,800 S 13.80 S 13.80 Nov 17 41.000 $ 14.20 582,200 14.20 14.20 Total 184,000 S 2,511,200 0 S 0 S 0 S S 0 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 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.) View transaction list Journal entry worksheet