Periodic Inventory by Three Methods Pappa's Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model January 1 1st 2nd 3rd December 31 C55 3 at $ 1,040 3 at $ 1,054 3 at $ 1,060 3 at $ 1,070 4 D11 9 at 639 7 at 645 6 at 666 6 at 675 11 F32 5 at 240 3 at 260 1 at 260 1 at 280 2 H29 6 at 305 3 at 310 3 at 316 4 at 317 4 K47 6 at 520 8 at 531 4 at 549 6 at 542 8 S33 4 at 222 4 at 232 2 X74 4 at 35 6 at 36 8 at 37 7 at 39 7 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. Pappa's Appliances Cost of the Inventory-FIFO Method December 31 Model Quantity Unit Cost Total Cost CS5 C55 D11 D11 F32 F32 H29 K47 K47 S33 X74 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. Pappa's Appliances Cost of the Inventory-LIFO Method December 31 Model Quantity Unit Cost Total Cost C55 1055 D11 011 F32 H29 K47 K47 S33 X74 X74 Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Pappa's Appliances Cost of the Inventory-Weighted Average Method December 31 Model Quantity Unit Cost Total Cost C55 D11 F32 H29 K47 S33 X74 FIFO Total LIFO would be preferred for income tax purposes in periods of declining prices