Under the gross profit method each of the following items are estimated except for the
A) cost of ending inventory.
B) cost of goods sold.
C) cost of goods purchased.
D) gross profit.

Question

Quizplus · Accepted Answer

The gross profit method estimates the cost of ending inventory, cost of goods sold, and gross profit, but it does not estimate the cost of goods purchased, which is typically known from the company's records.

Under the Gross Profit Method Each of the Following Items