All of the Following Are Reasons to Use an Estimated

question 195

Multiple Choice

All of the following are reasons to use an estimated method of costing inventory except​

• A) perpetual inventory records are not maintained
• B) purchase records are not maintained
• C) a disaster has destroyed the inventory records and the inventory
• D) interim financial statements are required but physical inventory is only taken at the end of the financial accounting period

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Definitions:

Cement Slab

A flat, horizontal block of concrete used for construction and foundation purposes, such as sidewalks, driveways, or patios.

Clay Minerals

A group of hydrous aluminium phyllosilicates, sometimes with variable amounts of iron, magnesium, alkali metals, alkaline earths, and other cations, known for their plasticity when wet and hardening when heated or dried.

Glass Windows

Transparent panes made from silica-based materials, used in buildings and vehicles to admit light while offering protection from weather elements.

Wallboard

A construction material made from gypsum plaster between two layers of paper, used for making walls and ceilings.