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-87,000 units; cost $4.00 each. Feb. 14 Purchased 113,000 units for $5.ee each. Mar. 5 Sold 157,000 units for $14.00 cach. Aug. 27 Purchased 57,000 units for $6.00 each. Sep. 12 Sold 67,000 units for $14.00 each. Dec. 31 Inventory on hand-33,800 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 $8,700