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Periodic inventory by three methods Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Dymac Appliances Cost of the Inventory-FIFO Method 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. Dymac Appliances Cost of the Inventory-LIFO Method December 31 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Dymac Appliances 4a. Which inventory method would be preferred for income tax purposes in periods of rising prices? X 4b. Which inventory method would be preferred for income tax purposes in periods of declining prices? X