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. Inventory on hand-87,000 units cost $4.00 each Feb. 14 Purchased 113,000 units for $5.00 each. Mar 5 Sold 157.000 units for $14.00 each. 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-33,000 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 tastin, 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 $8700 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required a Required 4 Determine the amount Tipton would report externally for ending inventory and cost of goods sold using last-in, first-out (LO) under a periodic Inventory system. (Round "Cost per unit to dedmal places) Cost of Goods Available for Sale Cost of Good Sold Periode LIFO Ending loventory-Perodie LFO