Examlex
Which of these statements is False?
Retail Inventory Method
An accounting technique used by retailers to estimate inventory costs by applying a consistent gross margin percentage to the retail price of the goods.
Shrinkage
The reduction in inventory mainly due to shoplifting, employee theft, or other errors.
Physical Count
The process of manually counting and verifying the actual inventory in a business at a specific point in time.
Weighted Average Inventory Valuation
A method for valuing inventory by calculating the average cost of all inventory items, weighted by the quantities of each item.
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