Periodic Inventory by Three Methods Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1 purchases invoic es during the next 12 months, and the inventory count at December 31 are summarized as follows Purchases Invoices 2nd 4 at $ 40 4 at $43 4 at $ 46 Inventory. 1st Inventory Count, December 31 Model 3rd January 1 A10 815 8 at $94 4 at 85 3 at 91 6 at 98 E60 3 at 75 3 at 65 15 at 68 9 at 70 G83 7 at 216 6 at 224 5 at 234 10 at 233 34 12 at 67 10 at 69 16 at 76 16 at 77 M90 2 at 121 2 at 123 3 at 141 3 at 143 Q70 5 at 159 4 at 169 4 at 174 7 at 179 Required: 13 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 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 Model Quantity Unit Cost Total Cost A10 A10 B15 B15 E60 G83 M90 M90 Q70 270 2. Determine the cost of the inventory on December 31 by the last-in, first-out method