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  3. determine the cost of the inventory on december 31

Determine the cost of the inventory on December 31 by the first-in, first-out method. Determine...

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Accounting

Determine the cost of the inventory on December 31 by the first-in, first-out method. Determine the cost of the inventory on December 31 by the last-in, first-out method.
OLDEST units first.
Dymac Appliances
Cost of the Inventory-LIFO Method
December 31
Determine the cost of the inventory on December 31 by the weighted average cost method. Determine the cost of the inventory on December 31 by the weighted average cost method.
Dymac Appliances
Cost of the Inventory-Weighted Average Method
December 31
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?
PURCHASED MOST RECENTLY first.
Dymac Appliances
Cost of the Inventory-FIFO Method
December 31
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