Accounting MCQ Inventory Valuation of LCNRV & LCM Method For purposes of applying the gross profit method, the gross profit rate is calculated as follows:

For purposes of applying the gross profit method, the gross profit rate is calculated as follows:

Naim 22:50 Inventory Valuation of LCNRV & LCM Method

For purposes of applying the gross profit method, the gross profit rate is calculated as follows:

a. net sales - cost of goods sold
b. gross profit ÷ net sales
c. gross profit + net sales
d. net sales ÷ gross profit

Answer: b. gross profit ÷ net sales

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Accounting MCQ

For purposes of applying the gross profit method, the gross profit rate is calculated as follows:

For purposes of applying the gross profit method, the gross profit rate is calculated as follows:

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