How would these be solved?

data on pul and 2. Inventory PR 640 Periode inventory by three The beginning inventory for Dunne period are shown in Problem 6-18 Instructions for the three- month period d stem. (Hound the is sold for the three month per termine the entry June and the cost of the first out method and the periodic inventory man Determine the im a lunes and the cost of goods the lasin, first-out method and the periodic inventory esinemine the inventory on June and the cost of goods sold for the three month Weighted average cost method and the periodic inventory system. Re a weighted average unit cost to the dollar) are the gross profit and fune so inventories using the following column header FIFO LIFO Weighted Average Cost of goods sold Gross profit Inventory Aune 30 Obj. 2.4 1. $18.545 PR 6-5B Periodic inventory by three methods Appliances uses the periodic inventory system. Details regarding the inventory of aces at January 1, purchases invoices during the year, and the inventory count at December are summarized as follows: Inventory Count, December 31 TEMPLATE 11 2 Purchases invoices Inventory Model January 1 s t 2nd 3rd C55 3 at $1,040 a $1.054 3 at $1,0603 at $1,070 9 at 6397 at 645 6 at 666 6 at 675 +32 Sat 2403 at 260 lat 260 1 at 280 H29 6 at 305 3 at 310 3 at 316 4 at 317 476 at 520 8 at 5314 at 549 6 at 542 4 at 2224 at 232 X74 4 at 356 at 36 8 at 37 7 at 39 8 2 7 Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Pres e nt data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost If the inventory of a particular model comprises one entire purchase plus a portion of an other purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. fol. lowing the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method. using the columnar headings indicated in (1). Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (A) rising prices and (B) declining prices