Periodic inventory by three methods \begin{tabular}{lrrrrc} Model & \begin{tabular}{r} Inventory, \\ January 1 \end{tabular} & \begin{tabular}{r} Purchases \\ Invoices 1 st \end{tabular} & \begin{tabular}{r} Purchases \\ Invoices 2nd \end{tabular} & \begin{tabular}{c} Purchases \\ Invoices 3rd \end{tabular} & \begin{tabular}{r} Inventory Count, \\ December 31 \end{tabular} \\ \hline A10 & & 4 at $64 & 4 at $70 & 4 at $76 & 6 \\ B15 & 8 at $176 & 4 at 158 & 3 at 170 & 6 at 184 & 8 \\ E60 & 3 at 75 & 3 at 65 & 15 at 68 & 9 at 70 & 5 \\ G83 & 7 at 242 & 6 at 250 & 5 at 260 & 10 at 259 & 9 \\ J34 & 12 at 240 & 10 at 246 & 16 at 267 & 16 at 270 & 15 \\ M90 & 2 at 108 & 2 at 110 & 3 at 128 & 3 at 130 & 5 \\ Q70 & 5 at 160 & 4 at 170 & 4 at 175 & 7 at 180 & 8 \end{tabular} Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. 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 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