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 hand29,000 units; cost $14.00 each.
Feb.		12		Purchased 79,000 units for $14.30 each.
Apr.		30		Sold 50,000 units for $21.80 each.
Jul.		22		Purchased 59,000 units for $14.60 each.
Sep.		9		Sold 79,000 units for $21.80 each.
Nov.		17		Purchased 49,000 units for $15.00 each.
Dec.		31		Inventory on hand87,000 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 29,000 units with a cost of $13.50). 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 $19,000.

ermine 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. (Round es.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance etual Cost Cost Cost # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units sold Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Ending Inventory per unit per unit per unit 29,000 $ 406,000 29,000 $ 14.00 $ 406,000 29,000 $ 14.00 $ 406,000 0 $ 14.00 $ 0 14.00 tory iases: bruary 79,000 14.30 1,129,700 79,000 14.30 1,129,700 21,000 X 14.30 300,300 58,000 14.30 829,400 y 22 59,000 14.60 861,400 59,000 14.60 861,400 0 x 14.60 21,000 X 14.60 306,600 vember 49,000 15.00 735,000 49,000 15.00 0 15.00 0 15.00 216,000 $ 3,132,100 167,000 50,000 $ 706,300 $ 3,103,400 79,000 2,397,100 1,136,000 Determine the amount Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve $ 34,600 X Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $19,000. (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 Cost of goods sold 15,000 LIFO reserve 15,000