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Which statement is true about the gross profit method of inventory valuation? O It may be used to estimate inventories for interim statements. It may

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Which statement is true about the gross profit method of inventory valuation? O It may be used to estimate inventories for interim statements. It may be used to estimate inventories for annual statements. O When calculated on selling price, it will always be more than the related percentage based on cost. O It eliminates the need for physical inventories

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