Question: 1. 2. 3. 4. Please help me correct the wrong answers in each question. Note: Please explained clearly how you calculate the answer. Thank you!

1.

2.

3.

4.
Please help me correct the wrong answers in each question.
Note: Please explained clearly how you calculate the answer. Thank you!
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-25,000 units; cost $13.60 each. Feb. 12 Purchased 75,000 units for $13.90 each. Apr. 30 Sold 50,000 units for $21.40 each. Jul. 22 Purchased 55,000 units for $14.20 each. Sep. 9 sold 75,000 units for $21.40 each. Nov. 17 Purchased 45,000 units for $14.60 each. Dec. 31 Inventory on hand-75,000 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 25,000 units with a cost of $13.10 ). 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 $12,500. 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 syste Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a system. (Assume beginning inventory under LIFO was 25,000 units with a cost of $13.10 ). x Answer is not complete. 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 LIFO reserve, assuming the balance at the beginning of the year was $12,500. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
