Question: we focus on different methods used to estimate ending inventory the gross profit method and the retail inventory method. Discuss how each method is used

we focus on different methods used to estimate ending inventory the gross profit method and the retail inventory method.

Discuss how each method is used to calculated estimated ending inventory.

Under what circumstances is it appropriate to use these methods?

Support your response to question #2 with a reference from the ASC (Accounting Standard Codification).

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