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Formula to Compute Net Sales

Sales
Less: Sales Returns & Allowances
Sales Discounts
NET SALES
:)
EX:
Sales = $12000
Less: Sales...

Physical counts of inventory:
Are not necessary under the perpetual system.
Are necessary to measure and adjust for inventory shrinkage.
Must be taken at least once a month.
...

The inventory valuation method that tends to smooth out erratic changes in costs is:
FIFO.
Weighted average.
LIFO.
Specific identification.
WIFO