Ch 8 Homework (max 230) Assigned Swed Help Help Save & Exit Submit 18 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: 10 points Jan. 1 Inventory on hand-29,000 units; cost $12.20 each. Feb. 12 Purchased 70, 800 units for $12.50 each. Aor. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12.80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Dec. 31 Inventory on hand-60,000 units. Skloped Berik 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 20,000 units with a cost of $11.70). 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, assuring the balance at the beginning of the year was $10,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Recuired 4 Determine the amount Treynor would calculate internally for ending inventary and cost of gaads sold using first-in, first-out (FIFO) under a perpetual inventory system. (Round "Cost per Unit' to 2 decimal place Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO Cost per # of units sold Cost per Cost per Cast of Goods Sold # of units Cost per sold unit Cost of Goods Sold Total Cost of Goods Sold # of unite In ending Inventory unit Cost of #of Goods units unit Available for Sale 20.000 $ 12.20 $244.000 Ending Inventory unit $ 12.20 S 12.20 S 0 S 12.20 $ a 12.50 875.000 12.50 0 Bag. Inventary Purchases: February 12 July 22 November 17 Tolal 12.80 70,000 50.000 40,000 180,000 12.50 12.80 13.20 12.10 12.50 12.30 13.20 B40,000 528,000 $ 2,287,000 13.20 13.20 0 $ 0 0 S Dls 0 0 $ 0 Required Required 2 > 18 Book # of units Cost per Cost of Goods # of units 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-20,000 units; cost $12.20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. 10 Jul. 22 Purchased 50,000 units for $12.80 each. points Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Skipped Dec. 31 Inventory on hand-60,000 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 20,000 units with a cost of $11.70). 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 $10,000. 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 a periodic inventory system. (Assume beginning inventory under LIFO was 20,000 units with a cost of $11.70). Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO # Cost per Cost of # of units # Cost per Available unit Ending sold in ending unit Sale unit Goods Sold inventory Inventory Beginning Inventory 20,000 S 11.70 S 234,000 $ 11.70 S 0 0 $ Purchases Feb 12 70,000 $12.50 875,000 $ 12.50 $ 12.50 Jul 22 50,000 S 12.80 640,000 $ 12.80 $ 12.80 Nov 17 40,000 S 13.20 528,000 $ 13.20 $ 13.20 Total 180.000 $ 2,277,000 0 S 0 0 $ 0 11.70 18 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: 10 points Jan. 1 Inventory on hand-20,000 units; cost $12.20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12. 80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Dec. 31 Inventory on hand-60,000 units. Skipped eBook 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 20,000 units with a cost of $11.70). 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 $10,000. 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 for its LIFO reserve at the end of the year. LIFO Reserve Required 2 Required 4 > 18 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: 10 points Jan. 1 Inventory on hand-20,000 units; cost $12.20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12.80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Dec. 31 Inventory on hand-60,000 units. Skipped eBook 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 20,000 units with a cost of $11.70). 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 $10,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $10,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Transaction General Journal Debit Credit