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To more efficlently manage its inventory. Treynor Corporation maintains its intemal inventory records using first-in, first-out (FiFO) under a perpetual inventory system. The following information

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To more efficlently manage its inventory. Treynor Corporation maintains its intemal inventory records using first-in, first-out (FiFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: 3ad. I inveritory on hand-27, eee wits, cost $12.90 each. 351. 23 Purchased \$5, bes units for 313.50 each. Dect. 31 friventory on hand-81, beo witent Required: 1. Detemine the amount rreynor would caiculate inteinaly for ending inventary and cost of goods sold using first-in, first-out (FiFO) undera perpetual inventory system. 2. Determine the amount Treynor wbuld report extemaly for ending inventory and cost of goods sold using last-in. first-out (LLF) under a periodid inventory system (Assume besinning (iventory under Lifo wis 27,000 units with a cost of $12.40 ). 3. Determine the omount Teynor would report for its Lifo reserve at the end of the year 4. Record the yearend adlusting entiy for the Lifo reserve, assuming the balance at the beginning of the year was $13,500. placies ) norraved 3 Complete this question by entering your answers in the tabs below. Determine the amount Treynor would report extemally for ending inventory and cost of goods sold using last-in, first-out (LFFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 27,000 units with a cost of $12,40 ). Complete this question by entering your answers in the tabs below. Determine the amount Treynor would report for its LIFO reserve at the end of the year. Record the year-end adjusting entry for the UFO reserve, assuming the balance at the beginning of the year was 513,500 . (If no entry is requined for a transaction/event, select "No journal entry required" in the first account field.) Joumal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Nute Enter detits bietare oreds

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