9 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. 10 points Mar. 1 Inventory on hand-80,000 units; cost $4.25 each. Feb. 14 Purchased 120,000 units for $4.50 each. 5 Sold 150,000 units for $14.00 each. Aug. 27 Purchased 50,000 units for $4.80 each. Sep. 12 Sold 60,000 units for $14.00 each. Dec. 31 Inventory on hand40,000 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 $8,000. 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 Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost of Goods Sold # of units in Cost per unit Ending Inventory per unit inventory 80,000 $4.25 S 340,000 60,000 $ 4.25 $ 255,000 40,000 $ 4.25 $ 170,000 Beginning Inventory Purchases: Feb. 14 120,000 $4.50 Is 540,000 0$ 4.50 60,000 $ 4.50 60,000 S 4.80 50,000 $ 4.80 S 240,000 $ 270,000 $ 288,000 $ 813,000 0$ Aug. 27 Total 4.80 250,000 S 1,120,000 180,000 40.000 $ 170,000