Periodic Inventory by Three Methods pymac 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: Purchases Invoices Model Inventory, January 1 1st 2nd 3rd Inventory Count, December 31 A10 4 at $ 39 4 at $ 42 4 at $ 45 5 B15 8 at $ 88 4 at 79 3 at 85 6 at 92 7 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 219 6 at 227 5 at 237 10 at 236 9 9 134 12 at 69 10 at 71 16 at 78 16 at 79 13 M90 2 at 124 2 at 126 3 at 144 3 at 146 5 070 5 at 154 4 at 164 4 at 169 7 at 174 8 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 Unit Cost Total Cost A10 $ $ A10 B15 B15 E60 G83 134 M90 M90 270 Q70 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. Dymac Appliances Cost of the Inventory-LIFO Method December 31 Model Quantity Unit Cost Total Cost A10 $ $ A10 B15 E60 E60 G83 G83 134 234 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 $ $ B15 E60 G83 J34 M90 Q70 Total $ 4a. Which inventory method 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