Periodic inventory by Three Methods - Dymac 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: Required: 1. Determine the cost of the inventory on December 31 by the first-in, finst-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. 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 accuired at a different urit 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 inventery on December 31 by the iastin, first-out method. If the ieventary of a particular model compeises one entire purchase puss a pertion of another purchaie acquired at a different unit cost, vie a segarate line for eath purchase. If unts are in inventory at fwa different costs, enter the OCDEST units fint. Dymac Appliances Cost of the Inventory-LIFO Method December 31