Record the year$-$end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $$20,200.$ Mogul Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following

information relates to its inventory during the year:

January $1$ Beginning inventory$-80,800$ units.

February $14$ Purchased $121,200$ units for $$4\mathrm{.}50$ each.

March $5$ Sold $151,500$ units for $$14\mathrm{.}00$ each.

August $27$ Purchased $50,500$ units for $$4\mathrm{.}80$ each.

September $12$ Sold $60,600$ units for $$14\mathrm{.}00$ each.

November $15$ Purchased $70,700$ units for $$4\mathrm{.}90$ each.

December $31$ Ending inventory $111,100$ units.

Required:

Determine the amount Mogul would calculate internally for ending inventory and cost of goods sold using average cost under a

perpetual inventory system. Beginning inventory under average cost was $80,800$ units with a average cost of $$4\mathrm{.}25$ each.

Determine the amount Mogul 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 $80,800$ units with a cost of $$4\mathrm{.}00$ each.

Determine the amount Mogul 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

$$20,200.$

Complete this question by entering your answers in the tabs below.

Determine the amount Mogul 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 $80,800$ units with a cost of $$4\mathrm{.}00$ each. Required:

Determine the amount Mogul would calculate internally for ending inventory and cost of goods sold using average cost under a

perpetual inventory system. Beginning inventory under average cost was $80,800$ units with a average cost of $$4\mathrm{.}25$ each.

Determine the amount Mogul 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 $80,800$ units with a cost of $$4\mathrm{.}00$ each.

Determine the amount Mogul 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

$$20,200.$

Complete this question by entering your answers in the tabs below.

Required $1$

Determine the amount Mogul would report for its LIFO reserve at the end of the year.Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

Required $4$

Determine the amount Mogul 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 $80,800$ units with a cost of $$4\mathrm{.}00$ each.

$\backslash$table$[[$LIFO$,$Cost of Goods Available for Sale,Cost of Goods Sold $-$ Periodic LIFO,Ending Inventory $-$ Periodic LIFO$],[\backslash$table$[[$Number$],[$of units$],[80,800]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$Number of$],[$units sold$],[0]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$inventory$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning Inventory,$$4\mathrm{.}00,$$$,323,200,$$$,4\mathrm{.}00,$$$,0\mathrm{.}00],[$Purchases:$],[$February $14,121,200,$$$4\mathrm{.}50,$$$,545,400,,$$$,4\mathrm{.}50,,,$$$,0\mathrm{.}00,],[$August $27,50,500,$$$4\mathrm{.}80,$$$,242,400,,$$$,4\mathrm{.}80,,,$$$,0\mathrm{.}00,],[$November $15,70,700,$$$4\mathrm{.}90,$$$,346,430,,$$$,4\mathrm{.}90,,,$$$,0\mathrm{.}00,],[$Total$,323,200,,$$$,1,457,430,0,,,$$$,0,,,$$$]]$Record the year$-$end adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $$20,200.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the year$-$end adjusting entry for the LIFO reserve.

Note: Enter debits before credits.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the year$-$end adjusting entry for the LIFO reserve.

Note: Enter debits before credits.