Estimated gross profit rates may be used to estimate a company's cost of goods sold and its ending inventory for:
A)quarterly but not for annual financial statements.
B)both quarterly and annual financial statements.
C)neither quarterly nor annual financial statements.
D)annual but not for quarterly financial statements.

Question

Quizplus · Accepted Answer

The Answer of Estimated gross profit rates may be used to estimate a company's cost of goods sold and its ending inventory for:
A)quarterly but not for annual financial statements.
B)both quarterly and annual financial statements.
C)neither quarterly nor annual financial statements.
D)annual but not for quarterly financial statements.

Estimated Gross Profit Rates May Be Used to Estimate a Company's