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which of the following methods can be used to estimate ending inventory when a physical count...

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Question

Accounting

which of the following methods can be used to estimate endinginventory when a physical count is not possible:

1. lower of cost or market

2. FIFO
3. perpetual cost

4. gross profit

Explain the answer in detail.

Answer & Explanation Solved by verified expert
4.2 Ratings (534 Votes)
Firstly let us understand the valuation as given in the question 1 lower of cost or market value This method requires the value of the inventory to be measured at the lower of cost or market value This is not possible when the physical    See Answer
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