Which one of the following statements regarding the gross profit method is not true?
A) The gross profit method is not a practical method to use in real-world situations.
B) The gross profit method is often used to estimate the year-end inventory for comparison to actual on-hand inventory.
C) The gross profit method is an acceptable method to estimate the cost of inventory destroyed by a casualty.
D) The gross profit method results in a less accurate inventory valuation than the retail inventory method.
A
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