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

To more efficiently 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:

January $1$Beginning inventory$25,000$ units.February $12$Purchased $75,000$ units for $$13\mathrm{.}90$ each.April $30$Sold $50,000$ units for $$21\mathrm{.}40$ each.July $22$Purchased $55,000$ units for $$14\mathrm{.}20$ each.September $9$Sold $75,000$ units for $$21\mathrm{.}40$ each.November $17$Purchased $45,000$ units for $$14\mathrm{.}60$ each.December $31$Ending inventory$75,000$ units.

Required:

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 $25,000$ units with a cost of $$13\mathrm{.}60$ each.

Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last$-$in$,$ first$-$out $($LIFO$)$ under a periodic inventory system. Beginning inventory under LIFO was $25,000$ units with a cost of $$13\mathrm{.}10$ each.

Determine the amount Telnex would report for its LIFO reserve at the end of the year.

Record the year$-$end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $$12,500.$