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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-84, eee units; cost $4.00 each. Feb. 14 Purchased 116,000 units for $5.00 each. Mar. 5 Sold 154,000 units for $14.00 each. Aug. 27 Purchased 54,200 units for $6.00 each. Sep. 12 Sold 64,800 units for $14.00 each. Dec. 31 Inventory on hand-36, e38 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 $8,400. 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. (Round "Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold Inventory Balance Perpetual Average # of units Cost per unit Inventory Value # of units Avg.Cost Cost of I sold per unit | Goods Sold # of units in ending inventory Cost per unit Ending inventory Beginning Inventory Purchase - February 14 Sale - March 5 +chase - August 27 Sale - September 12 Total 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 of Available for unit | sold unit Goods Sold Sale Ending Inventory - Periodic LIFO # of units Cost per Ending in ending inventory unit Inventory # of units Cost per Cost of Goods Beginning Inventory Purchases: Feb. 14 Aug. 27 Total Required 1 Required 3 > 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 Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $8,400. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
