Answered: When using the gross profit method to…

When using the gross profit method to estimate ending inventory, it is NOT necessary to know: A.) Cost of goods sold. B.) Beginning Inventory. C.) Net purchases.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 2E: Using the following information, prepare the Cost of Goods Sold section of an income statement.

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Question

Subject - account

Please help me.

Thankyou.

When using the gross profit
method to estimate ending
inventory, it is NOT necessary to
know:
A.) Cost of goods sold.
B.) Beginning Inventory.
C.) Net purchases.
D.) Net Sales.

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