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What is the consequence of using the gross profit method to provide an estimate of inventory amount? It can only be used by a company

image text in transcribed What is the consequence of using the gross profit method to provide an estimate of inventory amount? It can only be used by a company that has been in business more than one calendar year or operating cycle. It is only appropriate for interim reports or verifying perpetual inventory records. It cannot be used when inventory has been lost or destroyed. It requires special bookkeeping procedures and experienced accountants

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