Jan. 1 Inventory on hand-87,000 units; cost $4.00 each. Feb. 14 Purchased 113,000 units for $5.00 each. Mar. 5 Sold 152,000 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 last-In, first-out (LIFO) under 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. Complete this question by entering your answers in the tabs below. 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 $8,700. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View action ist View journal entry worksheet NO Tansaction General Journal Dobi Credit