12 3 Periodic Tnventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at Sanuary 1, purchases invoices during the next 12 months, and the inventory to December 31 we suwarted as follows Purchases Inveces Inventory Model 2ad Inventory Count. January 1 3rd December 31 A10 4 $35 at 4 at $41 5 B15 Bat $ 90 81 3 at 87 94 7 560 3 at 72 15 at 65 9 at 67 5 G53 7 at 224 Gat 232 5 at 242 10 at 241 9 334 12 at 10 at 75 16 at 32 16 at 83 M90 2 at 114 3 at 132 134 5 970 Sa 4 at 180 185 7 190 Required: 1. Determine the cost of the inventory on December 31 by the first fint out method 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. If units are in inventory at two different conserter the units PURCHASED MOST RECENTLY first Dymac Appliances Cost of the leventory-FIFO Method December 31 Model Quantity Unit Cost Total Cost 170 A10 3 B15 E60 GA 14 M90 M90 970 0.70 2. Determine the cost of the inventory on December 31 by the last first-out method. of the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit costs are line for each purchase of units are inventory of two different contexter the OLDEST units first Dymac Appliances Cost of the Inventory UFO Method December 31 Model Quantity Unit Cost Total Cost A10 $ A10 B15 160 ECO 683 34 M90 M90 970 970 Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Appliances Cost of the Inventory Weighted Average Method December 31 Model Quantity Unit Cost Total Cont A10 815 E60 G83 134 M90 070 Total 4a. Which inventory method would be preferred for income tax purposes in periods of rising prices? 4b. Which inventory method would be preferred for income tax purposes in periods of declining prices