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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 $13.10 each. Feb. 12 Purchased 70,000 units for $13.40 each. Apr. 30 Sold 50, 800 units for $20.99 each. Jul. 22 Purchased 5e,eee units for $13.70 each. Sep. 9 Sold 79,800 units for $20.99 each. Nov. 17 Purchased 40,000 units for $14.10 each. Dec. 31 Inventory on hand-60, eee 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. 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 calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance Perpetual FIFO: # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Total Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beg. Inventory Purchases: February 12 July 22 November 17 Total Required 1 Required 2 > 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. Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost per Cost of Goods = of units Cost per Cost of # of units er Available for unit sold unit Goods Sold Sale Goods so # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 Total Required 1 Required 3 > 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 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 Vrequired 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. Debit Credit Record entry Clear entry View general journal