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PR 7-5A Periodic inventory by three methods Dymac Appliances uses the periodic inventory system. Details regarding the appliances at November 1, 2015, purchases invoices during the next 12 D inventory count at October 31, 2016, are summarized as follows OB).2 700 inventory of and Purchases Invoices Inventory, November 1 nventory Count October 31 2nd 3rd 1st Model A10 B15 E60 G83 J34 M90 Q70 4 at $ 64 4at$ 70 4 at $ 76 4 at 158 3 at 170 6 at 184 3 at 75 3at 65 15 at 68 9at 70 7 at 242 6 at 250 5 at 260 10 at 259 12 at 240 10 at 246 16at 267 16 at 270 2 at 1082 at 110 3 at 128 3at 130 5 at 160 4 at 170 4 at 175 7 at 180 8 8 at $176 15 Instructions 1. Determine the cost of the inventory on October 31, 2016, by the first-in, first-ou method. Present data in columnar form, using the following headings: Model Quantity Unit CostTotal Cost 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. 2. Determine the cost of the inventory on October 31, 2016, by the last-in, first-out 3. Determine the cost of the inventory on October 31, 2016, by the weighted averag Discuss which method (FIFO or LIFO) would be preferred for income a method, following the procedures indicated in (1). cost method, using the columnar headings indicated in (1). purposes in periods of (a) rising prices and (b) declining prices

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