For External Reporting Purposes, It Is Appropriate to Use Estimated

Multiple Choice

For external reporting purposes, it is appropriate to use estimated gross profit rates to determine the ending inventory value for:

A) Interim Reporting, No; Annual Reporting, No
B) Interim Reporting, No; Annual Reporting, Yes
C) Interim Reporting, Yes; Annual Reporting, No
D) Interim Reporting, Yes; Annual Reporting, Yes