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 hand89,000 units; cost $4.00 each.
Feb.		14		Purchased 111,000 units for $5.00 each.
Mar.		5		Sold 159,000 units for $14.00 each.
Aug.		27		Purchased 59,000 units for $6.00 each.
Sep.		12		Sold 69,000 units for $14.00 each.
Dec.		31		Inventory on hand31,000 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 $8,900.