Periodic inventory by three methods \begin{tabular}{lrrrrr} Model & Inventory, January 1 & Purchases Invoices 1 st & Purchases Invoices 2nd & Purchases Invoices 3rd & Inventory Count, December 31 \\ \hline 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 \end{tabular} 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Pappa's Appliances Cost of the Inventory-FIFO Method December 31 first. 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Pappa's Appliances 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