Which statement is true about the retail inventory method?
A)It may not be used to estimate inventories for interim statements.
B)It may not be used to estimate inventories for annual statements.
C)It may not be used by auditors.
D)None of these.

Question

Quizplus · Accepted Answer

The retail inventory method can be used to estimate inventories for both interim and annual statements. Additionally, auditors may use the method in their audit procedures. Therefore, none of the statements are true.

Which Statement Is True About the Retail Inventory Method