Exercise $8-19($Algo$)$ Perpetual FIFO adjusted to periodic LIFO; LIFO reserve $[$LO$8-1,8-4,8-6]$

To more efficlently manage its inventory, Telnex Corporation maintains its internal Inventory records using first$-$In$,$ first$-$out $($FIFO$)$ under a perpetual inventory system. The following information relates to its inventory during the year:

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January $1$ Beginning inventory$-26,000$ units.

February $12$ Purchased $76,000$ units for $$14\mathrm{.}00$ each.

April $30$ Sold $50,000$ units for $$21\mathrm{.}50$ each.

July $22$ Purchased $56,000$ units for $$14\mathrm{.}30$ each.

September $9$ Sold $76,000$ units for $$21\mathrm{.}50$ each.

November $17$ Purchased $46,$ e$$e units for $$14\mathrm{.}78$ each.

December $31$ Ending inventory$-78,000$ units.

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Required:

$1.$ Determine the amount Telnex would calculate Internally for ending Inventory and cost of goods sold using first$-$In$,$ first$-$out $($FIFO$)$ under a perpetual inventory system. Beginning Inventory under FIFO was $26,000$ units with a cost of $\backslash (\backslash$$ $13\mathrm{.}70\backslash )$ each.

$2.$ Determine the amount Telnex would report externally for ending Inventory and cost of goods sold using last$-$In$,$ first$-$out $($LIFO$)$ under a perlodic Inventory system. Beginning Inventory under LIFO was $26,000$ units with a cost of $\backslash (\backslash$$ $13\mathrm{.}20\backslash )$ each.

$3.$ Determine the amount Telnex would report for Its LIFO reserve at the end of the year.

$4.$ Record the year$-$end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $\backslash (\backslash$$ $13,000\backslash ).$

Answer is complete but not entirely correct.

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units with a cost of $\backslash (\backslash$$ $13\mathrm{.}70\backslash )$ each.