08.2, 1. $10,700 Dymac Appliances uses the periodic inventory system. Details regarding the inventory of PR 7-5A Periodic inventory by three methods appliances at January 1, purchases invoices during the next 12 months, and the inventy count at December 31 are summarized as follows: Purchases Invoices Excel Inventory Count, October 31 Inventory, November 1 1 st Model A10 B15 E60 G83 134 M90 070 8 at $176 3 at 75 7 at 242 12 at 240 2 at 108 5 at 160 4 at $ 64 4 at 158 3 at 65 6 at 250 10 at 246 2 at 110 4 at 170 2nd 4 at $ 70 3 at 170 15 at 68 5 at 260 16 at 267 3 at 128 4 at 175 3rd 4 at $ 76 6 at 184 9 at 70 10 at 259 16 at 270 3 at 130 7 at 180 6 8 5 9 15 5 8 00 un uo Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase . 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices. Gross profit Inventory, June 30 PR 7-5B Periodic inventory by three methods Pappa's Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows: OBJ. 2.4 1 st Model C55 D11 F32 H29 K47 S33 X74 Inventory, January 1 3 at $1,040 9 at 639 5 at 240 6 at 305 6 at 520 Purchases Invoices Inventory Count, 2nd 3rd December 31 3 at $1,054 3 at $1,060 3 at $1,070 4 7 at 645 6 at 666 6 at 675 11 3 at 260 1 at 260 1 at 280 2 3 at 310 3 at 316 4 at 317 4 8 at 531 4 at 549 6 at 542 8 4 at 222 4 at 232 2 6 at 36 8 at 37 7 at 39 7 NO NA 4 at 35 Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out metho Present data in columnar form, using the following headings