Which of the following is not a general assumption that underlies the retail inventory method?
A) All inventory items are homogenous and have the same markup.
B) The items in ending inventory are in proportion to the items available for sale.
C) There were no changes in the retail price of inventory purchased during the period except the changes captured by markups and markdowns.
D) The cost-to-retail ratio remains constant over the accounting period
Correct Answer:
Verified
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