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. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 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 $12,000. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost per Cost of Goods oos # of units Cost per Cost of # of units Available for sold unit Goods Sold unit Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory $ 12.80 Sale 22,000 $ 12.80 $ 281,600 $ 12.80 $ 0 Beginning Inventory Purchases: Feb 12 Jul 22 Nov 17 72,000 52,000 42,000 188,000 $13.60 $ 13.90 $ 14.30 979,200 722,800 600,600 2,584,200 $ $ $ 13.60 13.90 14.30 $ | $ $ 0 13.60 13.90 14.30 Total $ 0 $ 0 $ 0 Required 1 Required 3 > 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-22,000 units; cost $13.30 each. Feb. 12 Purchased 72,000 units for $13.60 each. Apr. 30 Sold 50,000 units for $21.10 each. Jul. 22 Purchased 52,000 units for $13.90 each. Sep. 9 Sold 72,000 units for $21.10 each. Nov. 17 Purchased 42,000 units for $14.30 each. Dec. 31 Inventory on hand-66,000 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. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 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 $12,000. Complete this question by entering your answers in the tabs below. Required 2 Required 1 D. Required 4 Required 3 Determine the amount Treynor would report for its LIFO reserve at the end of the year. LIFO Reserve 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-22,000 units; cost $13.30 each. Feb. 12 Purchased 72,000 units for $13.60 each. Apr. 30 Sold 50,000 units for $21.10 each. Jul. 22 Purchased 52,000 units for $13.90 each. Sep. 9 Sold 72,000 units for $21.10 each. Nov. 17 Purchased 42,000 units for $14.30 each. Dec. 31 Inventory on hand-66,000 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. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 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 $12,000. Complete this question by entering your answers in the tabs below. 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 $12,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit Cost of goods sold LIFO reserve