Which statement is true about the gross profit method of inventory valuation? O When calculated on selling price, it will always be more than the related percentage based on cost. It eliminates the need for physical inventories. It may be used to estimate inventories for annual statements. O It may be used to estimate inventories for interim statements View Poliom Current Attempt in Progress Orole Company was formed on December 1, 2019. The following information is available from Orioles inventory record for Product Units Unit Cost $21 2.200 January 1, 2020 beginning inventory Purchases January 5, 2020 January 25 2020 February 16, 2020 March 2020 2.700 2.400 1300 2600 $23 $24 $25 $26 Aplica entory on March 31, 2020 shows 3.000 units on hand (a) Prepareschedules to compute the ending inventory at March 31, 2020. under FIFO method Oriole Company COMPUTATION OF INVENTORY FOR PRODUCTX UNDER FIFO INVENTORY METHOD March 31, 2020 Uit Unit Cost Total Cost March 15.2020 February 16, 2020 Mardi 3.2000 Inventory Attempts of used (b) These thout beinander. This part will be able when comptabo