.Inventory Valuation & Analysis:Given the following inventory transactions, compute FIFO, LIFO, and Average Cost for ending inventory and cost of goods sold (COGS) under the periodic inventory system: Beginning inventory: 120 units @ $11Purchases: 180 units @ $13100 units @ $14Sales: 120 units on March 590 units on June 1540 units on October 10Complete the following table for periodic inventory calculations:Inventory MethodEnding Inventory ($)COGS ($)FIFOLIFOAverage CostNow, please explain how the calculations would differ under the perpetual inventory system and describe when a company might prefer one method over the other.

12. Why do businesses use an allowance for doubtful accounts instead of writing off receivables when they become uncollectible? 

6. Which of the following would appear as an adjustment to the book balance in a bank reconciliation? 

13. Which inventory costing method results in the lowest reported net income when prices are rising? 

14. If a company mistakenly counts its ending inventory as higher than its actual amount, what is the effect on net income?

Internal Controls at PrimeBrew CoffeePrimeBrew Coffee, a growing chain of cafés, has been experiencing financial discrepancies due to missing inventory and unauthorized employee discounts. Identify four key internal control measures PrimeBrew should implement and provide an example of how each measure would prevent fraud or financial misstatements.

9. ABC Retail reconciles its bank account every month. In July, an employee forgot to record a $2,000 check that cleared. What effect does this have on financial statements? 

4. The going concern assumption assumes that:

7. The revenue recognition principle states that revenue should be recognized when:

12. If a company forgets to make an adjusting entry for an accrued expense, what happens to net income?