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 hand94,000 units; cost $4.00 each.
Feb.		14		Purchased 106,000 units for $5.00 each.
Mar.		5		Sold 164,000 units for $14.00 each.
Aug.		27		Purchased 64,000 units for $6.00 each.
Sep.		12		Sold 74,000 units for $14.00 each.
Dec.		31		Inventory on hand26,000 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 $9,400.

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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 Inventory on hand Cost # of Inventory per units unit Value 94,000 $ 4.00 $ 376,000 106,000 $ 5.00 530,000 Ending Cost of Goods Sold Cost of Avg.Cost Goods per unit Sold # of units sold Beginning Inventory Purchase - February 14 Inventory Balance # of units Cost in ending per inventory inventory unit 94,000 $ 4.00 $ 376,000 106,000 $ 5.00 $ 530,000 200,000 $ 906,000 0 % 0 % $ 0 164,000 $ 0.00 Sale - March 5 Purchase - August 27 64,000 $ 6.00 384,000 74,000 $ 0.00 Sale - September 12 Total 264,000 1,290.000 Required 1 Required 2 > Answer is not complete. Complete this question by entering your answers in the tabs below. 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.) Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Available for Sale Cost of Cost # of Goods per units Available unit for Sale 94,000 $4.00 $ 376,000 Cost # of units sold 0 Cost of Goods Sold # of units in ending inventory 0 per unit Cost per unit Ending Inventory $ 4.00 $ 4.00 Beginning Inventory Purchases: Feb. 14 Aug. 27 Total 106,000 64,000 264,000 $5.00 $6.00 530,000 384,000 1,290,000 106,000 64,000 170,000 $ $ 5.00 6.00 530,000 384,000 914,0000 0 0 $ $ 5.00 6.00 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount Tipton would report for its LIFO reserve at the end of the year. LIFO Reserve Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $9,400. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). General Journal Debit Credit No 1 Transaction 1 Cost of goods sold LIFO reserve