$2.$ Determine the cost of the inventory on December $31$ by the last$-$in$,$ first$-$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 costs, enter the OLDEST units first.

Pappa's Appliances

Cost of the Inventory$-$LIFO Method

December $31$

Model Quantity Unit Cost Total Cost

C$55$ fill in the blank $35$

$fill in the blank $36$

$fill in the blank $37$

C$55$ fill in the blank $38$

fill in the blank $39$

fill in the blank $40$

D$11$ fill in the blank $41$

fill in the blank $42$

fill in the blank $43$

D$11$ fill in the blank $44$

fill in the blank $45$

fill in the blank $46$

F$32$ fill in the blank $47$

fill in the blank $48$

fill in the blank $49$

H$29$ fill in the blank $50$

fill in the blank $51$

fill in the blank $52$

K$47$ fill in the blank $53$

fill in the blank $54$

fill in the blank $55$

K$47$ fill in the blank $56$

fill in the blank $57$

fill in the blank $58$

S$33$ fill in the blank $59$

fill in the blank $60$

fill in the blank $61$

X$74$ fill in the blank $62$

fill in the blank $63$

fill in the blank $64$

X$74$ fill in the blank $65$

fill in the blank $66$

fill in the blank $67$

Total $fill in the blank $68$

$3.$ Determine the cost of the inventory on December $31$ by the weighted average cost method.

Pappa's Appliances

Cost of the Inventory$-$Weighted Average Method

December $31$

Model Quantity Unit Cost Total Cost

C$55$ fill in the blank $69$

$fill in the blank $70$

$fill in the blank $71$

D$11$ fill in the blank $72$

fill in the blank $73$

fill in the blank $74$

F$32$ fill in the blank $75$

fill in the blank $76$

fill in the blank $77$

H$29$ fill in the blank $78$

fill in the blank $79$

fill in the blank $80$

K$47$ fill in the blank $81$

fill in the blank $82$

fill in the blank $83$

S$33$ fill in the blank $84$

fill in the blank $85$

fill in the blank $86$

X$74$ fill in the blank $87$

fill in the blank $88$

fill in the blank $89$

Total $fill in the blank $90$

$4$a$.$ Which inventory method would be preferred for income tax purposes in periods of rising prices?

$4$b$.$ Which inventory method would be preferred for income tax purposes in periods of declining prices?