Calculator Purchases Invoices Model Inventory, January 1 2nd 3rd Inventory Count, December 31 A10 $32 B15 8 at $87 78 1 at 4 at 3 at 6 at 57 234 7 at 226 4 at 3 at 15 at 5 at 16 at 3 at 4 at $35 4 at 84 6 at 609 at 244 10 at 78 16 at 1433 at 1777 at $38 91 62 243 79 145 182 234 12 at 2 at M90 Q70 Required: 5 at 1624 at 1. Determine the cost of the inventory on December 31 by the first 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 units PURCHASED MOST RECENTLY first. Dymac Appliances Cost of the Inventory-FIFO Method December 31 Quantity Unit Cost Total Cost Model A10 108 PM o Be 9 Calculator 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. Cast of the Inventory LIFO Method Model Quantity Unit Cost Total Cost A10 A10 134 M90 M90 M90 o e 9 WP Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Cost of the Inventory-Weighted Average Method December Model Quantity Unit Costa Total Cost A10 B15 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