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. I Inventory on hand- 86,000 unitm: one 54.00 each. Feb. 14 Purchased 124,000 units tor 55,00 each. Mar. 5 sold 156,000 unite for $14.00 each. Aug. 27 Purchased 56,000 unita for 56.00 each, Iep. 12 5old 66,000 unith for 514.00 each. Dec. 31 inventory on hand-34,000 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 feport fot its LFO teserve 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 $8,600