Both the retail method and the gross profit method are useful in estimating the inventory cost.

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Both the retail method and gross profit method are commonly used to estimate inventory cost. The retail method estimates the cost of inventory by using the retail selling price and a predetermined markup percentage to calculate the cost. On the other hand, the gross profit method estimates the cost of inventory based on the gross profit margin percentage. Both methods may be used depending on the circumstances and the available information.

Both the Retail Method and the Gross Profit Method Are