Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following is NOT a premise upon which the gross profit method of estimating inventory is based? Being inventory plus purchases equals cost

image text in transcribed
Which of the following is NOT a premise upon which the gross profit method of estimating inventory is based? Being inventory plus purchases equals cost of goods available for sale. The gross profit must be equal to the contribution marion goods sold, Good not included in cost of poods most be on land in ending twentory When an estimate of costol soods sold in deducted from east of soodsaadabtes for sale, the result is an estimate ending inventory

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Survey Of Financial And Managerial Accounting

Authors: Roger H. Hermanson, Roland F. Salmonson, James D. Edwards

5th Edition

025606976X, 978-0256069761

More Books

Students also viewed these Accounting questions