How is the gross profit method used as it relates to inventory valuation?
A) Verify the accuracy of the perpetual inventory records.
B) Verify the accuracy of the physical inventory.
C) To estimate cost of goods sold.
D) To provide an inventory value of LIFO inventories.

Question

Quizplus · Accepted Answer

The Answer of How is the gross profit method used as it relates to inventory valuation?
A) Verify the accuracy of the perpetual inventory records.
B) Verify the accuracy of the physical inventory.
C) To estimate cost of goods sold.
D) To provide an inventory value of LIFO inventories.

How Is the Gross Profit Method Used as It Relates