Inventory by Three Cost Flow Methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31, 20Y7, of Amsterdam Appliances are summarized as follows Purchases Invoices Inventory, Model January 1 Inventory Count, 1st 4 at $ 64 4 at 158 3 at 65 6 at 250 10 at 246 2 at 110 4 at 170 2nd 4 at$ 70 3 at 170 15 at 68 5 at 260 16 at 267 3 at 128 4 at 175 3rd 4 at $ 76 6 at 184 9 at 70 10 at 259 16 at 270 3 at 130 7 at 180 December 31 A10 B15 E60 G83 134 M90 Q70 8 at $176 3 at 75 7 at 242 12 at 240 2 at 108 5 at 160 8 15 5 1. Determine the cost of the inventory on December 31, 20Y7, 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 Under FIFO, if a model is in inventory at two different costs, enter the remaining units that were purchased most recently first. First-In, First-Out Method Model Quantity Unit Cost Total Cost A10 B15 E60 G83 134 90 Q70 Total 2. Determine the cost of the inventory on December 31, 20Y7, by the last-in, first-out method, following the procedures indicated in (1). Under LIFO, if a model is in inventory at two different costs, enter the remaining units that were purchased earliest first. Last-In, First-Out Method Model Quantity Unit Cost Total Cost A10 B15 E60 G83 J34 M90 Q70 Total 3. Determine the cost of the inventory on December 31, 20Y7, by the average cost method Average Cost Method Model Quantity Unit Cost Total Cost A10 B15 E60 G83 134 M90 Q70 Total 4. Which method (FIFO or LIFO) would be preferred for income tax purposes in periods of rising prices? Which method (FIFO or LIFO) would be preferred for income tax purposes in periods of declining prices