(TCO 7) There are three different forms of business;sole-proprietor partnership

(TCO 7) There are three different forms of business;sole-proprietor partnership and corporation. (1) Explain why acorporations Limited Liability status may be a benefit (10 points)and (2) as a stockholder explain the impact of liquidation -provide an example. (15 points) (Points : 25)Inventory valuation methods allow management to select a methodthat best fits their business model. Given the following data whatis the value of the ending inventory as determined by the First inFirst out (FIFO) method? (25 points)Sales revenue300 units at $15 per unitPurchases240 units at $10 per unitBeginning inventory120 units at $9 per unit