Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year:

Jan. 1 .....Inventory on hand—80,000 units; cost $4.25 each.
Feb. 14 ...Purchased 120,000 units for $4.50 each.
Mar. 5 .....Sold 150,000 units for $14.00 each.
Aug. 27 ....Purchased 50,000 units for $4.80 each.
Sep. 12 ....Sold 60,000 units for $14.00 each.
Dec. 31 ....Inventory on hand—40,000 units.

Required:
1. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system.
2. Determine the amount Tipton 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 Tipton 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 $8,000.