Copper K uses a perpetual inventory method to keep track of its metal pipes. The following is the schedule of Copper K.'s purchases and sales throughout the month of August: (Ch. 6) Required 1. Determine the ending inventory using the FIFO method. a) Given that net realizable value for these metal pipes is $1,500, what amount should be reported on its statement for financial position? (Hint: use LCNRV rule) b) Prepare any journal entry required to record the inventory at its proper value. 2. Determine the ending inventory using the average cost method. a) Given that net realizable value for these metal pipes is $1,500, what amount should be reported on its statement for financial position? (Hint: use LCNRV rule) b) Prepare any journal entry required to record the inventory at its proper value