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 hand30,000 units; cost $14.10 each.
Feb.		12		Purchased 80,000 units for $14.40 each.
Apr.		30		Sold 50,000 units for $21.90 each.
Jul.		22		Purchased 60,000 units for $14.70 each.
Sep.		9		Sold 80,000 units for $21.90 each.
Nov.		17		Purchased 50,000 units for $15.10 each.
Dec.		31		Inventory on hand90,000 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. 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 $20,000.

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.)

Perpetual FIFO: Cost of Goods Available for Sale Cost of Goods Sold - April 30 Cost of Goods Sold - September 9 Inventory Balance # 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 30,000 $14.10 $423,000 $14.10 $14.10 $0 $14.10 $0 Purchases: February 12 80,000 14.40 1,152,000 14.40 14.40 14.40 0 July 22 60,000 14.70 882,000 14.70 0 14.70 14.70 November 17 50,000 15.10 755,000 15.10 15.10 15.10 Total 220,000 $3,212,000 0 $0 0 $0 $0 0 $0

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.

	LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory $0.00 $0 $0.00 Purchases: Feb 12 $0.00 $0.00 Jul 22 $0.00 $0.00 Nov 17 $0.00 $0.00 Total 0 $0 0 $0 0 $0

3. Determine the amount Treynor would report for its LIFO reserve at the end of the year.

Life Reserve :

4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $20,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)