Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system, Details regarding the inventory of applianees at lanuary 1 , purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Required: 1. Determine the cost of the imventory 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 PGRCAASED MOST kECENTLY first. If the inventory of a particular model comgrises one entire purchale plus a portion of another purchase acquired at a diflerent unit cost. use a mesarate line for each purchase. If units are in ievventory at two different costs, enter the units PURCHihseD MosT RECENTLY first. 2. Determine the cost of the inventary on December 31 by the iast-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of ancther purchave acquired at a different unt cost, use a separate line for each purchase. If units are in inventory at two deferent costh, enter the OuDeST units firit. 2. Determine the cost of the inventocy 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 daferent uni cost, use a separate line for each purchase. If units are in ieventory at two different costs, enter the CLoLsT units first. 3. Determine the cost of the inventory on December 31 bv the woinhted average cost method. 4a. Which imventory methed 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