Click to watch the Tell Me More Learning Objective 8 video and then answer the questions below. 1. A business may need to estimate its amount of inventory except when a. perpetual inventory records are not maintained. b. a disaster has destroyed the inventory records and the inventory. c. the inventory is actually counted. d. monthly or quarterly financial statements are needed, but a physical inventory is taken only once a year. d x 2. When using the retail method of inventory costing, the ending inventory cost is estimated by a. multiplying the ending inventory at retail by the cost to retail ratio. b. multiplying the ending inventory at cost by the cost to retail ratio. c. deducting the estimated cost of goods sold from the merchandise available for sale. d. deducting the estimated gross profit from the sales.

Click to watch the Tell Me More Learning Objective 8 video and then answer the questions below. 1. A business may need to estimate its amount of inventory except when a. perpetual inventory records are not maintained. b. a disaster has destroyed the inventory records and the inventory. c. the inventory is actually counted. d. monthly or quarterly financial statements are needed, but a physical inventory is taken only once a year. X 2. When using the retail method of inventory costing, the ending inventory cost is estimated by a. multiplying the ending inventory at retail by the cost to retail ratio. b. multiplying the ending inventory at cost by the cost to retail ratio. c. deducting the estimated cost of goods sold from the merchandise available for sale. d. deducting the estimated gross profit from the sales