Can you explain how you got these answers. Thanks!

What is Reed Company's gross profit percentage (rounded) for the year, inventory totaled $685? 56% 27% 40% 44% Which statement is false regarding the lower of cost or market (LCM) method Market is defined as current replacement cost, not selling price. LCM is an example of an accounting concept of conservatism. Inventory is written down to its market value in the period in which the All of the above are true regarding LCM. Which of the following is a primary concern of internal control? Promote training programs and control incentives. Enhancing the accuracy and reliability of accounting data. Ensuring fairness of the financial statements. Encouraging adherence to prescribed managerial performance. Which of the following is not correct regarding internal controls? Internal controls are based on reasonable assurance. The purpose of internal controls is to safeguard assets and enhance t reliability of the accounting records. Internal controls are enhanced when one person is responsible for all process such as the entire sales process. Internal controls are limited by cost vs. benefit, human element such size of the business. Which of the following is not an example of a principle of internal controls' Each cashier has a separate cash drawer. Employees are required to use a time clock to record time worked. One employee is responsible for ordering merchandise, another for third for making payments. The cost of establishing a control should not exceed its benefits. Journal entries are required for all of the following except: Bank service charges such as check printing charges Customer payments retuned NSF by the Bank Collection of notes receivable by the Bank Deposits in transit