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.