Which one of the following statements is not true with regard to the gross profit method of estimating inventories?
A) The gross profit method may be used to determine inventory for interim financial reporting purposes without taking a physical count.
B) The percentage used for the gross profit method is determined by using previous years' historical data.
C) The gross profit method is not as accurate as the retail inventory method.
D) The gross profit method may only be used with a perpetual inventory accounting system.
D
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Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system
Indicate whether the statement is true or false
Under Chapter ___________, the bankruptcy estate does not include wages earned after commencement of the case
a. 7 b. 11 c. 13 d. All of the above