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-84,000 units; cost $4.06 each. Feb. 14 Purchased 116,000 units for $5.00 each. Mar. 5 Sold 154,000 units for $14.06 each. Aug. 27 Purchased 54,000 units for $6.00 each. Sep. 12 Sold 64,600 units for $14.00 each. Dec. 31 Inventory on hand-36,000 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 $8,400. Complete this question by entering your answers in the tabs below. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inve "Cost per Unit" to 2 decimal places.) Complete this question by entering your answers in the tabs below. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inver "Cost per Unit" to 2 decimal places.) Complete this question by entering your answers in the tabs below. Determine the amount Tipton would report externally for ending inventory and cost of goods sold using last-in, first-out (UFO) under a period system. (Round "Cost per Unit" to 2 decimal places.) 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-84,000 units; cost $4.00 each. Feb. 14 Purchased 116,000 units for $5.06 each. Mar. 5 Sold 154,000 units for $14,00 each. Aug. 27 Purchased 54,600 units for $6.00 each. Sep. 12 Sold 64,000 units for $14,00 each. Dec. 31 Inventory on hand-36,000 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 (LLFO) 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 $8,400. Complete this question by entering your answers in the tabs below. Determine the amount Tipton would report for its LIFO reserve at the end of the year. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $8,400. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. 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-84,000 units; cost $4.06 each. Feb. 14 Purchased 116,000 units for $5.00 each. Mar. 5 Sold 154,000 units for $14.06 each. Aug. 27 Purchased 54,000 units for $6.00 each. Sep. 12 Sold 64,600 units for $14.00 each. Dec. 31 Inventory on hand-36,000 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 $8,400. Complete this question by entering your answers in the tabs below. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inve "Cost per Unit" to 2 decimal places.) Complete this question by entering your answers in the tabs below. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inver "Cost per Unit" to 2 decimal places.) Complete this question by entering your answers in the tabs below. Determine the amount Tipton would report externally for ending inventory and cost of goods sold using last-in, first-out (UFO) under a period system. (Round "Cost per Unit" to 2 decimal places.) 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-84,000 units; cost $4.00 each. Feb. 14 Purchased 116,000 units for $5.06 each. Mar. 5 Sold 154,000 units for $14,00 each. Aug. 27 Purchased 54,600 units for $6.00 each. Sep. 12 Sold 64,000 units for $14,00 each. Dec. 31 Inventory on hand-36,000 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 (LLFO) 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 $8,400. Complete this question by entering your answers in the tabs below. Determine the amount Tipton would report for its LIFO reserve at the end of the year. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $8,400. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits