A company produces financial statements each year. It is started in Year One and has the followingtransactions: • Bought ten units of inventory for $12 each • Sold eight units of inventory • Bought ten units of inventory for $13 eachThe company has the following transactions in Year Two. • Sold eight units of inventory • Bought ten units of inventory for $15 each • Sold eight units of inventory • Bought ten units of inventory for $16 eachThe company holds sixteen units at the end of Year Two. What is reported for this inventory if a FIFO system is used? $240$240$206$206$250$250$230$230Question 2Based on the previous information, the company holds sixteen units at the end of Year Two.What is reported for this inventory if a periodic LIFO system is used? $250$250$240$240$230$230$206$206Question 3Based on the previous information, the company holds sixteen units at the end of Year Two.What is reported for this inventory if a perpetual LIFO system is used? $240$240$250$250$230$230$206$206Question 4Based on the previous information, the company holds sixteen units at the end of Year Two.What is reported for this inventory if a weighted average (periodic) system is used? $240$240$250$250$230$230$206 During the year, the Brighton Corporation had net sales of $4,800,000 and inventory purchasesof $3,600,000. The beginning inventory for the year was $280,000 and the ending inventorywas $320,000. Which of the following would be Brighton’s inventory turnover for the year?11.87 times11.87 times13.33 times13.33 times10.67 times10.67 times14.67 timesThe Furn Store sells home furnishings, including bean bag chairs. Furn currently uses the periodic FIFO method of inventory costing but is considering implementing a perpetual system. It will cost a good deal of money to start and maintain, so Furn would like to see the difference, if any, between the two and is using its bean bag chair inventory to do so. Each bean bag chair sells for $40. Here is the first quarter information for bean bag chairs:Date Number of Items Cost per ItemJan 1 16 $19Jan 17 Purchased 5 20Jan 24 Sold 7 Feb 10 Purchased 8 21Feb 19 Sold 15 Mar 1 Purchased 11 22Mar 20 Sold 16 Furn’s cost of goods sold under periodic FIFO is , and Furn's ending inventory under periodic FIFO is Furn’s cost of goods sold under perpetual FIFO is , and Furn's ending inventory under perpetual FIFO is .

As posted multiple independent questions we are answering only first question kindly repost the…

Answered: A company produces financial statements…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 2

Based on the previous information, the company holds sixteen units at the end of Year Two.
What is reported for this inventory if a periodic LIFO system is used?

$250

$250
$240

$240
$230

$230
$206

$206

Question 3

Based on the previous information, the company holds sixteen units at the end of Year Two.
What is reported for this inventory if a perpetual LIFO system is used?

$240

$240
$250

$250
$230

$230
$206

$206

Question 4

Based on the previous information, the company holds sixteen units at the end of Year Two.
What is reported for this inventory if a weighted average (periodic) system is used?

$240

$240
$250

$250
$230

$230
$206

During the year, the Brighton Corporation had net sales of $4,800,000 and inventory purchases
of $3,600,000. The beginning inventory for the year was $280,000 and the ending inventory
was $320,000. Which of the following would be Brighton’s inventory turnover for the year?
- 11.87 times
  
  11.87 times
- 13.33 times
  
  13.33 times
- 10.67 times
  
  10.67 times
- 14.67 times
  
  The Furn Store sells home furnishings, including bean bag chairs. Furn currently uses the periodic FIFO method of inventory costing but is considering implementing a perpetual system. It will cost a good deal of money to start and maintain, so Furn would like to see the difference, if any, between the two and is using its bean bag chair inventory to do so. Each bean bag chair sells for $40. Here is the first quarter information for bean bag chairs:
  
  Date Number of Items Cost per Item
  
  Jan 1 16 $19
  
  Jan 17 Purchased 5 20
  
  Jan 24 Sold 7
  
  Feb 10 Purchased 8 21
  
  Feb 19 Sold 15
  
  Mar 1 Purchased 11 22
  
  Mar 20 Sold 16
  
  Furn’s cost of goods sold under periodic FIFO is
  
  , and Furn's ending inventory under periodic FIFO is
  
  Furn’s cost of goods sold under perpetual FIFO is
  
  , and Furn's ending inventory under perpetual FIFO is
  
  .

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