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 hand24,000 units; cost $12.60 each. Feb. 12 Purchased 74,000 units for $12.90 each. Apr. 30 Sold 50,000 units for $20.40 each. Jul. 22 Purchased 54,000 units for $13.20 each. Sep. 9 Sold 74,000 units for $20.40 each. Nov. 17 Purchased 44,000 units for $13.60 each. Dec. 31 Inventory on hand72,000 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. 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 $14,000. 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 system. LIFO # of units Cost per Cost of Goods Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost of Available for unit on sold unit Goods Sold Sale $ 0.00 $ 0 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 0.00 Beginning Inventory Purchases: Feb 12 A $ $ $ Jul 22 Nov 17 Cotal 0.00 0.00 0.00 A $ $ $ 0.00 0.00 0.00 A $ 0 $ 0