When Using the Gross Profit Method to Estimate Ending Inventory

question 138

Multiple Choice

When using the gross profit method to estimate ending inventory, it is not necessary to know:

• A) Beginning inventory.
• B) Net purchases.
• C) Cost of goods sold.
• D) Net sales.

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Definitions:

Dependent Variable

In an experiment, the variable that is being tested and measured, expected to change as a result of manipulations to the independent variable.

Number Of Collisions

In physics, it refers to the total number of encounters between particles, such as atoms or molecules, within a certain period or in a specific reaction.

Independent Variable

A variable in an experiment that is manipulated to observe its effect on the dependent variable.

Chocolate

A sweet, typically brown food preparation of roasted and ground cacao seeds, often sweetened and consumed as candy or dessert.