Calculate the following LCM:                                …

Calculate the following LCM:                                     Inventory Categories       Unit                  Cost                Market                                                   Reebok                       10                    $600                $400                              Nike                           15                    $800               $850                            Adidas                          20                    $500                $300                              Vans                           25                   $100                $50                 

Glover Co. returned defective goods costing $5,000 to Mal Co…

Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Glover Co. on April 19, in receiving full credit is: a. Accounts Payable…………………………………………………………… 5,000                   Inventory………………………………………………………………                   5,000   b. Accounts Payable…………………………………………………………… 5,000     Inventory………………………………………………………………………      150                   Cash…………………………………………………………………….                   5,150   c. Accounts Payable…………………………………………………………… 5,000                   Purchase Discounts…………………………………………………                   120                   Inventory………………………………………………………………                   4,850   d. Accounts Payable…………………………………………………………… 5,000                   Inventory………………………………………………………………                       120                   Cash…………………………………………………………………….                   4,850