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Unformatted text preview: a lower of cost or market adjustment? ANSWER 1 of 2 Name: Date: Section: I-08.01 QUESTION It seems like the "gross profit" method is much simpler than FIFO, LIFO, or average costing. Can I use it as my primary inventory valuation technique? ANSWER QUESTION How can I use the retail inventory technique to estimate inventory theft? ANSWER QUESTION What's the big deal if I undercount ending inventory? The goods are still there so there is no real problem, right? ANSWER 2 of 2...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11