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When using the gross profit method to estimate ending inventory, it is not necessary to know:
Loanable Funds
Refers to the market where savers supply funds for loans to borrowers.
Durable Consumer Goods
Products that are not consumed or destroyed in use and are able to provide utility over time, such as appliances, cars, or furniture.
Loanable Funds
The money available for lending and borrowing in the financial markets.
Opportunity Cost
The value of the next best alternative foregone as the result of making a decision.
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