Auriode mentory by three methods Oymac Appliances ises the periodic imventory system. Deteils regarding the inventory of applianices at Januory 1 , purchavies imvoices during the next 17 . months, and the itventory count at December 31 are summarued as follows: Requtred! 1. Determitie the cost of the inventory on Decomber 31 ty the finttiti, niftevel methoo. Dymac Appllances Cost of the Irveritory-FIFO Method Docember 31 D. Dymac Appllances Cost of the Inventory-tLfo Mathed 3. Determine the cost of the inventory on December 31 ty the weighted average cost miethod. Dymac Appliances Cost of the Inventory-Weighted Average Method 4a. Which imventory method would be preferred for income tox purposes in periods of rising prices? 4b. Which inventory method would be preferred for income tax nurposes in periods of decining prices