Estimate by using front-end rounding.
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Definitions:
Perpetual Inventory System
An inventory control method that records the sale or purchase of inventory in real-time through the use of computerized systems.
Work In Process
A classification of inventory for items that are in the process of being produced but are not yet completed.
Retail Inventory Method
An accounting approach used by retailers to estimate inventory cost by calculating a cost to retail price ratio and applying it to the ending inventory at retail prices.
Gross Profit Method
An inventory costing method to estimate the cost of goods sold and ending inventory, which calculates gross profit by subtracting the cost of goods sold from net sales.
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