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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

The two generally accepted methods for estimating the value of an inventory are the _____ method and the gross ________ method. (16-5, 16-6)

To determine

To fill: The blank spaces provided in the statement, The two generally accepted methods for estimating the value of an inventory are the _____ method and the gross _____”.

Explanation

Retail method and gross profit method are two generally accepted methods for estimating the value of an inventory.

The retail method of inventory estimation is used by retail businesses of all types and sizes. To use this method, the company must have certain figures in its accounting records, including the following:

a. Beginning inventory at cost price and at retail...

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