Quiz 17: Merchandise Inventory
The ________________ Method of Inventory Costing Must Be Used for Financial
The ________________ method of inventory costing must be used for financial accounting purposes if it is chosen for federal income tax purposes.
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The price the business would have to pay to buy an item of inventory through usual channels in usual quantities is either market price or __________________ cost.
Net Sales minus Gross Profit equals ___________________.
The lower the ending inventory valuation,the ____________________ the reported net income.
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