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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: January1February12April30July22September9Sold76,000unitsfor$21.50each.November17Purchased46,000unitsfor$14.70each.December31Endinginventory-78,000units.Required:Beginninginventory-26,000units.Purchased76,000unitsfor$14.00each.Sold50,000unitsfor$21.50each.Purchased56,000unitsfor$14.30each. 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 $13.70 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 periodic inventory system. Beginning inventory under LIFO was 26,000 units with a cost of $13.20 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 $13,000. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) und system. Beginning inventory under LIFO was 26,000 units with a cost of $13.20 each. Complete this question by entering your answers in the tabs below. Determine the amount Telnex would report for its LIFO reserve at the end of the year. Complete this question by entering your answers in the tabs below. Record the year-end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $13,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field