Click to watch the Tell Me More Leaming Objective App video and then answer the questions below. 1. A business may need to estimate its amount of inventory because. a. perpetual inventory records are not maintained b. a fire has destroyed the inventory c. monthly or quarterly financial statements are needed, but a physical inventory is taken only once a year d. All of these are correct. 2. Retail inventory method and gross profit method are two methods used to estimate the inventory at the end of the period