Part 1: Multiple Choice Questions(3 points each)1. Brigham Furniture Company’s ending inventory for the current fiscal year end has only one desk with a sales value of $100. The desk cost Brigham $80. Brigham could now replace the desk for $70. The reasonably predictable costs to complete and dispose of the desk are $5. Brigham’s normal profit margin is 20% of sales. What is Brigham’s inventory valuation under the Lower-of-Cost-or-NRV rule?A. $ 95B. $ 80C. $ 75D. $ 70Lower of cost of $80 or NRV of $95 (Sales Value of $100 minus $5 completion/disposal).
2. Which of the following statements is true concerning the SEC?
3. Which of the following statements is true concerning the FASB’s Accounting Standards Codification?
4. Financial accounting provides information that is useful to resource providers in making which decisions?