Two Methods That Can Be Used for Estimating the Value

question 27

Short Answer

Two methods that can be used for estimating the value of unsold inventory,without taking a physical inventory count,are the retail inventory method and the g___________ p_________ method.

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Definitions:

Organization

A structured group of individuals working together to achieve common goals.

Poisson Probability Distribution

Describes the probability of a given number of events happening in a fixed interval of time or space when these events occur with a known constant mean rate.

Business Processes

A set of tasks and activities that are sequentially organized to achieve a specific organizational goal or objective.

Independent Events

Two or more events where the occurrence of one does not affect the probability of the others.