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Homework answers / question archive / Which of the following is not a correct statement under the gross profit method? a

Which of the following is not a correct statement under the gross profit method? a

Business

Which of the following is not a correct statement under the gross profit method? a. The beginning inventory plus the purchases equal total goods to be accounted for b. Goods not sold must be on hand. c. If the sales, reduced to the cost basis, are deducted from the sum of the opening inventory plus purchases, the result approximates the amount of inventory on hand. d. (1 minus the rate of gross profit on cost) is applied to sales to approximate COGS 3

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