Periodic Inventory by Three Methods 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: Model: Inventory, January 1 1st Purchases Invoices 2nd Inventory Count, 3rd December 31 A10 4 at $44 4 at $47 4 at $50 S 815 8 at $82 4 at 73 3 at 79 6 at 86 E60 3 at 67 3 at 57 15 at 60 9 at 62 G83 7 at 210 6 at 226 5 at 236 10 at 235 9 334 12 at 51 10 at 53 16 at 60 16 at 61 13 M90 2 at 122 2 at 124 3 at 142 3 at 144 5 Q70 5 at 153 4 at 163 4 at 168 7 at 173 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 Model Quantity A10 A10 B15 B15 E60 G83 334 M90 M90 Q70 Unit Cost Total Cost Q70 Total 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. 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 Model Quantity A10 A10 815 E60 E60 G83 G83 334 334 M90 Unit Cost Total Cost G83 G83 134 134 M90 M90 M90 Q70 Q70 Total <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 $ Total 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 B15 E60 G83 334 M90 Q70 Total $ would be preferred for income tax purposes in periods of rising prices