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.
Answer: C. Cost of goods sold.
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.
Answer: C. Cost of goods sold.
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.