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 hand82,000 units; cost $4.00 each.
Feb.		14		Purchased 118,000 units for $5.00 each.
Mar.		5		Sold 152,000 units for $14.00 each.
Aug.		27		Purchased 52,000 units for $6.00 each.
Sep.		12		Sold 62,000 units for $14.00 each.
Dec.		31		Inventory on hand38,000 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 $8,200.

Required 1 Required 2 Required 3 Required 4 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. (Round "Cost per Unit" to 2 decimal places.) Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost Cost of # of Goods per units unit Available for Sale Cost of Goods Sold - Periodic LIFO # of Cost Cost of units Goods sold per unit Sold # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0.00 Beginning Inventory Purchases: Feb. 14 Aug. 27 Total $ $ 0.00 0.00 0.00 $ $ 0.00 0 0 0 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 Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system. (Round "Cost per Unit" to 2 decimal places.) Perpetual Average # of units Inventory on hand Cost per Inventory Value unit # of units sold Cost of Goods Sold Cost of Avg.Cost Goods per unit Sold Inventory Balance # of units Cost in ending Ending per inventory unit inventory Beginning Inventory Purchase - February 14 0 $ 0 Sale - March 5 Purchase - August 27 0 $ 0 Sale - September 12 Total 0 0 0 0 $