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-98,000 units; cost $4.00 each. Feb. 14 Purchased 102,000 units for $5.00 each. Mar. 5 Sold 168,000 units for $14.00 each. Aug. 27 Purchased 68,000 units for $6.00 each. Sep. 12 Sold 78,000 units for $14.00 each. Dec. 31 Inventory on hand-22,000 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 $9,800. 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 calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system. (R "Cost per Unit" to 2 decimal places.) Cost of Goods Sold Inventory on hand Perpetual Average of units Cost per Inventory Value # of units Avg.Cost per unit Cost of Goods # of units in Inventory Balance Cost per Ending Inventory < Prev 8 of 20 Next >