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-23,000 units; cost $13.40 each. Feb. 12 Purchased 73,000 units for $13.70 each. Apr. 30 Sold 50,000 units for $21.20 each. Jul. 22 Purchased 53,000 units for $14.00 each. Sep. 9 Sold 73,000 units for $21.20 each. Nov. 17 Purchased 43,000 units for $14.40 each. Dec. 31 Inventory on hand-69,000 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 23,000 units with a cost of $12.90). 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 $11,500. Complete this question by entering your answers in the tabs below. of Goods in ending per unit Inventory per unit per unit Required Required Required Required 1 2 3 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. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available Cost of Goods Sold - Cost of Goods Sold - for Sale April 30 September 9 Inventory Balance Perpetual Cost of Cost # of FIFO: # of Goods Cost of # of Cost of Total Cost # of units Cost Cost units Cost Goods per Ending units units Available Goods unit sold Sold sold Sold for Sale Sold inventory Beg. $ $ 23,000 $13.40 $13.40 $ 0 0 Inventory 13.40 $13.40 $ 308,200 Purchases: February 73,000 13.70 1,000,100 13.70 13.70 12 13.70 July 22 53,000 14.00 742,000 14.00 0 14.00 14.00 November 43,000 14.40 619,200 14.40 14.40 17 14.40 $ Total 192,000 0 0 $ 0 $ 0 0 2,669,500 $ 0 0 $ O Required Required Required Required 1 2 3 4 sold per unit 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 23,000 units with a cost of $12.90). Cost of Goods Available Cost of Goods Sold - Ending Inventory - Periodic for Sale Periodic LIFO LIFO LIFO Cost Cost of # of Cost of # of units # of Goods Cost Cost units Ending per Goods in ending units Available unit Sold for Sale inventory per unit Inventory Beginning $ 23,000 $ 296,700 $12.90 $ 0 $12.90 Inventory 12.90 Purchases: $ Feb 12 73,000 13.70 1,000,100 $13.70 $13.70 $ Jul 22 53,000 14.00 742,000 $ 14.00 $14.00 $ Nov 17 43,000 619,200 $14.40 14.40 $14.40 $ Total 192,000 0 $ 0 0 2,658,000 $ CAN Required Required Required Required 1 2 3 4 Determine the amount Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve Required Required Required Required 1 2 3 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $11,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less View transaction list Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry View general journal Clear entry
