Business, 06.04.2020 18:02 alialbinn6969

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—24, 000 units; cost $12.60 each.
Feb 12 Purchased 74,000 units for $12.90 each.
Apr.30 Sold 50 ,000 units for $20.40 each.
Jul 22 Purchased 54, 000 units for $13.20 each.
Sep9 Sold 74,000 units for $20.40 each.
Nov 17 Purchased 44, 000 units for $13.60 each.
Dec. 31 Inventory on hand—72, 000 units.

Required:
a. 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.
b. 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.
c. Determine the amount Treynor would report for its LIFO reserve at the end of the year.
d. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $14,000.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 19:20

Anderson, a computer engineer, and spouse, who is unemployed, provide more than half of the support for their child, age 23, who is a full-time student and who earns $7,000. they also provide more than half of the support for their older child, age 33, who earns $2,000 during the year. how many dependents may the andersons claim on their joint tax return?

Answers: 3

Answer

Business, 22.06.2019 07:10

In a team environment, a coordinator is? a person with expert knowledge or skills in a particular area the team needs. a good listener who works to resolve social problems among teammates. a leader who team members focus on their tasks. a good networker who likes to explore new ideas and possiblities.

Answers: 2

Answer

Business, 22.06.2019 11:30

Marta communications, inc. has provided incomplete financial statements for the month ended march 31. the controller has asked you to calculate the missing amounts in the incomplete financial statements. use the information included in the excel simulation and the excel functions described below to complete the task

Answers: 1

Answer

Business, 22.06.2019 17:30

Google started as one of many internet search engines, amazon started as an online book seller, and ebay began as a site where people could sell used personal items in auctions. these firms have grown to be so large and dominant that they are facing antitrust scrutiny from competition regulators in the us and elsewhere. did these online giants grow by fairly beating competition, or did they use unfair advantages? are there any clouds on the horizon for these firms -- could they face diseconomies of scale or diseconomies of scope as they continue to grow? if so, what factors may limit their continued growth?

Answers: 1

Answer

You know the right answer?

To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory recor...

Questions