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-28, boc units; cost $13.00 eachi Feb. 12 Purchased 78,000 units for $13.30 each. Apr. 30 Sold 50,000 units for 520.80 each. Jul. 22 Purchased 50,000 units for $13.60 each. Sep. 9 sold 10,000 tunits for $20.0 each. Nov. 17 Purchased 48,000 units for $14.00 each Dec. 31 Inventory on hand-94,000 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 Traynor would report externally for ending inventory and cost of goods sold using lost in, first-out (ulfo, under a periodic inventory system. (assure beginning inventory under lifo was 28.000 units with a cost aisia, so). 3. Determine the amount Treynor would report for its LIFO reserves at the end of the years 4. Record the year and adjusting entry for the life reserve, assuming the balance at the beginning of the year was $14.000 unit Unit 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. places.) Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September Inventory Balance Perpetual Cost of of or Cost per Goods of units units Cost per Cost of of units Cost per Cost of Total Cost of Cost per Ending units Available for Goods Sold sold sold unit Goods Sold Goods Sold in ending unit Sale Inventory Inventory Beg, Inventory 28.000 5 13.00 S364.000 5 1300 5 13.00 $ 0 5 13.00 $ 0 Purchase February 12 78.000 13:30 1037400 13.30 13:30 13.30 July 22 58,000 1360 788.800 13.00 0 13.60 13.00 November 17 48.000 14.00 672.000 14.00 1400 1400 Total 212.000 $ 2.362200 5 5 0 5 $ 0 D 0 0 Required 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 Inver system. (Assume beginning inventory under LIFO was 28,000 units with a cost of $12.50). Cost of Goods Avallable for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods of units Cost per # of units # of units Cost per Available for Cost of Ending In ending Cost per unit sold unit Goods Sold unit Sale inventory Inventory Beginning Inventory 28,000 $12.50 $ 350,000 $ 12.50 $ 0 $ 12.50 Purchases Feb 12 78,000 $13.30 1,037.400 $ 13.30 $ 13.30 Jul 22 58,000 $13.60 788,800 $ 13.60 $ 13,60 Nov 17 48,000 $14.00 672,000 $ 14.00 $ 14.00 Total 212,000 $ 2,848,200 0 $ 0 $ 0 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 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 $14,000. (If no entry is required 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 Event 1 General Journal Debit Credit