The gross profit method of estimating inventory cannot be used if the gross profit margin has changed from the previous period.
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Q36: A change in the inventory cost determination
Q37: One of the considerations of choosing a
Q38: The FIFO inventory cost determination method will
Q39: If prices are falling, FIFO will report
Q40: If beginning inventory is understated then the
Q42: To use the retail inventory method, a
Q43: Net realizable value is the selling price
Q44: When there is clear evidence of an
Q45: Under the periodic method, the cost of
Q46: If there is a recovery in the
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