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.) Inventory on hand Perpetual Average Cost per unit # of units Inventory Value Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold " Inventory Balance # of units in Cost per Ending ending inventory inventory unit Beginning Inventory Purchase - February 14 Sale - March 5 Purchase - August 27 0 Sale - September 12 Total $ 0 Required 1 Required 2 > 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.) LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost per # of units Cos Cost of Available for unit Sale sold unit Goods Sold $ 0.00 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending Y unit Inventory inventory | $ 0.00 Beginning Inventory Purchases: Feb. 14 Aug. 27 $ $ 0.00 0.00 $ $ 0.00 0.00 Total Required 1 Required 3 > 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 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.) Inventory on hand Perpetual Average Cost per unit # of units Inventory Value Cost of Goods Sold # of units Avg.Cost Cost of sold per unit Goods Sold " Inventory Balance # of units in Cost per Ending ending inventory inventory unit Beginning Inventory Purchase - February 14 Sale - March 5 Purchase - August 27 0 Sale - September 12 Total $ 0 Required 1 Required 2 > 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.) LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods # of units Cost per Cost per # of units Cos Cost of Available for unit Sale sold unit Goods Sold $ 0.00 Ending Inventory - Periodic LIFO # of units Cost per Ending in ending Y unit Inventory inventory | $ 0.00 Beginning Inventory Purchases: Feb. 14 Aug. 27 $ $ 0.00 0.00 $ $ 0.00 0.00 Total Required 1 Required 3 > 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