1. To ms Company developed the following information about its applying the lower of cost or market (LCM) basis in valuing inventories: Product $57,000 40,000 80,000 Market $60,000 38,000 81,000 Ir Toms applies the L.CM basis, the value of the inventory reported on the balance sheet would a. $177,000 b. $179,000. c. $175,000. d. $181,000. 2. Alpha First Company just began business and made the following four inventory purchases in June: June 1 June 10 June 15 June 28 150 units 200 units 200 units 150 units S 780 1,170 1,260 $4.200 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is: a. $1,092 b. $1,131 c. $1,386 d. $1,368 3. At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $500,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be: a. $1,000,000 and 70%. b. $1,400,000 and 30%. C. $1,000,000 and 30%. d, $1,400,000 and 70%