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What is gross profit method of determining inventory

Discussion- INVENTORIES: ADDITIONAL VALUATION ISSUES

In learning about determining inventory balance in case the company does not have available all its accounting records say due to some disaster. One method is to determine the inventory balance using gross profit method. What is gross profit method of determining inventory?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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