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, January 1 Inventory Count, December 31 Model 1st 2nd 3rd C55 3 at $ 1,070 D11 675 F32 H29 K476 533 X74 $ 1,040 3 at 639 7 at 240 3 at 3053 at 520 8 at - 4 at 35 6 at 6 at at $ 1,054 3 at 645 6 at 260 1 at 3103 at 531 4 at 2224 at 36 8 at 317 $ 1,060 3 at 666 6 at 260 1 at 316 4 at 549 6 at 232 37 7 at 4 at 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. 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 Quantity Unit Cost Total Cost Model C55 C55 D11 F32 H29 K47 K47 S33 X74 X74 Total 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 Quantity Unit Cost Total Cost Model C55 C55 F32 H29 K47 K47 533 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 Quantity Unit Cost Total Cost $ Model C55 011 F32 H29 K47 S33 X74 Total would be preferred for income tax purposes in periods of declining prices