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Which statements is correct for hawthorne to value inventory

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Reference no: EM132844302

Problem 1: In 2022, Hawthorne Corp uses the gross profit method in estimating their inventory. Which of the following statements is correct for Hawthorne to value their inventory under the gross profit method during 2022?

a) Using the gross profit method, eliminates the need for companies to take a physical inventory.

b) The gross profit method may be used to estimate inventories for interim financial statements.

c) The gross profit method can be used to estimate inventory for ending (annual) financial statements.

d) The gross profit method gives the most accurate valuation of the ending inventory balance.

Reference no: EM132844302

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