QUESTION 2 The cost of the beginning inventory for Toppers, Inc. is $150,000 on Jan. 1. Toppers, Inc. purchased $800,000 of additional merchandise during the year and the cost of the ending inventory on Dec. 31 was $200.000. If Toppers, Inc. uses the periodic Inventory system, then calculate the cost of Goods Sold for the year $950,000 $750,000 S850,000 $800,000 QUESTION 3 Which of the following types of accounts will be increased by debits? Liabilities and revenues. o Revenues and assets. Assets and expenses. Expenses and liabilities QUESTION 4 If WKU, Inc. purchases stock in another corporation and intends to keep it for more than one year, then the purchased stock should be classified on the Balance Sheet as follows: Property. Plant and Equipment Current Asset Intangible Assets Long-Term Investment