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-20,000 units; cost $13.10 each. Feb. 12 Purchased 70,000 units for $13.40 each. Apr. 30 Sold 50, 800 units for $20.99 each. Jul. 22 Purchased 5e,eee units for $13.70 each. Sep. 9 Sold 79,800 units for $20.99 each. Nov. 17 Purchased 40,000 units for $14.10 each. Dec. 31 Inventory on hand-60, eee 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.