1. Splish Brothers Inc, developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market $144000 91000 194000 $137000 96000 192000 If Splish Brothers Inc. applies the LCM basis, the value of the inventory reported on the balance sheet would be a. $429000. b. $420000. C. $434000. d. $425000. 2. The entry to record a sale of s2500 with terms of 2/12, nv/30 will Includea credit to Sales Revenue for $2500. debit to Sales Discounts for $50. debit to Sales Revenue for $2450. credit to Accounts Receivable for $2500. a. b. c. d. 3. At the beginning of the year, Blue Spruce had an inventory of $750000. During the year, the company purchas goods costing $2060000. If Blue Spruce reported ending inventory of $920000 and sales of $3280000, their co of goods sold and gross profit rate would be a. $1890000 and 42.38%. b. $1140000 and 57.6%. c. $2140000 and 4296. d, $1390000 and 58%. The financial statements of the Vaughn Manufacturing reports net sales of $484000 and accounts receivable 4. $59000 and $29000 at the beginning of the year and end of year, respectively. What is the accounts receival turnover for Vaughn? a. 14.00 times b. 11.00 times c. 8.80 times d. 5.50 times