The Gross Margin Method Requires All but Which of the Following

question 127

Multiple Choice

The gross margin method requires all but which of the following elements of information?

• A)Total sales for the present period.
• B)The ending inventory for the present period.
• C)Amount of purchases during the present period.
• D)The beginning inventory for the present perioD.The gross margin method is used when ending inventory for the present period is not available. It does require the beginning inventory balance and sales and purchases for the present period.

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Definitions:

Number Of Times

The frequency or occurrence rate of an event or action.

Number Of Places

Refers to the specified number of locations or positions within a given context or setting.

Removed View

An additional view in drafting that is separated from the main drawing to clarify details of the object being depicted.

Secondary Aux View

An auxiliary view derived from a primary auxiliary view in drafting for the purpose of showing a part's features more clearly.