Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Model Inventory January 1 2nd 3rd Inventory Count, December 31 5 7 A10 4 at $ 27 $ 30 4 at $ 33 B15 8 at $ 88 4 at 79 3 at 85 92 6 at 9 at E60 3 at 71 3 at 61 15 at 64 66 5 9 G83 7 at 224 6 at 232 Sat 242 134 12 at 52 10 at 54 16 at 61 13 10 at 241 16 at 62 3 at 139 7 at 177 M90 117 2 at 119 3 at 137 5 2 at 5 at 070 157 4 at 167 172 Required: 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 A10 B15 B15 E60 G83 134 M90 M90 Please answer correctly so I may check my work 070 Q70 Total 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. Dymac Appliances Cost of the Inventory-LIFO Method December 31 Unit Cost Model Quantity Total Cost A10 A10 315 E60 E60 683 683 134 M90 M30 MSO 070 070 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 Cost A10 BIS E60 683 M90 Please answer correctly so I may check my work 070 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