The-------- Method of Estimating Inventory Requires the Use of Data

question 4

Short Answer

The-------- method of estimating inventory requires the use of data about both cost and selling prices.

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Definitions:

Expenses

Costs incurred during the operation of a business or the execution of a task.

Passive Fraud

A failure to reveal some material fact about the subject matter of a contract that one party is obligated to reveal to the other party and that intentionally deceives that second party, leading him or her into a damaging contract. Also called concealment and nondisclosure.

Obligation

A legal or moral responsibility or duty that compels someone to act or refrain from acting in a certain manner.

Certain Facts

Specific pieces of information that are true, verified, and indisputable.