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-80,000 units; cost $4.25 each. Feb. 14 Purchased 120,000 units for $4.50 each. Mar. 5 Sold 150,000 units for $14.00 each. Aug. 27 Purchased 50,000 units for $4.88 each. Sep. 12 Sold 60,000 units for $14.00 each. Dec. 31 Inventory on hand-48,000 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. Required 1 Required 2 Required 31 Required 4 120 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 ok Perpetual Average #of units Cost per Inventory unit Value sold of units Avg.Cost per unit Cost of Goods Sold # of units in Cost per Inventory Ending unit Inventory ences Beginning Inventory Purchase February 14 Sale-March 5 Purchase August 27 Sale-September 12 Total 0 $ 0 0 $ 0 $ 0 S 0 $ 0 C. Regret Required 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. (Round "Cost per Unit" to 2 decimal places.) Ending Inventory - Periodic LIFO Cost of Goods Avaliable for Sale Cost of Goods Sold - Periodic LIFO LIFO of units Cost per unit Cost of Goods Available for Sale #of units Cost per sold unit Cost of Goods Sold # of units In Inventory Cost per unit Ending Inventory Beginning Inventory 80,000 $4.25 $ 340,000 $ 4.25 $ 4.25 Purchases: Feb. 14 Aug. 27 120,000 $4.50 $ 540,000 $ 4.50 $ 4.50 50,000 $4.80 $ 240,000 $ 4.80 $ 4.80 Total 250,000 $ 1,120,000 0 $ 0 $ 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 Journal entry worksheet < 1 Record the year-end adjusting entry for the LIFO reserve. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal