To Avoid the Time-Consuming Process of Taking an Inventory Each

question 213

True/False

To avoid the time-consuming process of taking an inventory each year, the majority of companies use the gross profit method to estimate ending inventory.

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Definitions:

Consistent

Marked by harmony, regularity, or steady continuity; free from variation or contradiction.

Normal Curve

A symmetric, bell-shaped curve that represents the distribution of many types of data where most values cluster around the mean.

Standard Deviations

A measure of the amount of variation or dispersion in a set of values, indicating how spread out the values are from the mean.

Mean

In statistics, it refers to the average value in a set of numbers, calculated by dividing the sum of all values by the number of values.