The jumpers are set correctly. Aside from popping out the eproms to verify, I would start with cleaning the edge connectors and testing continuity for M1. You should at least get scratchy sound if M1 is functional but V1 and V2 are not.
Given that most authentic puzzle bobbles used to be a Power Spikes II cart, I wouldn't be surprised if they reused the shell. I have also seen English labels covering up an original Japanese label and vice versa.
I'd probably dispense with the RAM they send you and buy some from digi-key. Used/fake ICs is a problem in China. I got burned twice by attractive pricing from China and said never again. Your board was "refurbished" with low voltage ram. I wouldn't hold my breath for new and/or correct spec ram.