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When the perpetual inventory system is used, where can the best estimate of the amount of inventory on hand be found? In the Inventory account

When the perpetual inventory system is used, where can the best estimate of the amount of inventory on hand be found?

  • In the Inventory account in the general ledger

  • By applying the gross margin method

  • On the previous period's balance sheet

  • By subtracting sales for the period from the beginning Inventory account balance

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