ocr: calculations become even more difficult and the results less reliable. Test runs must be made, estimates based upon original specifications must be available, and opinions of experienced factory employees must be solicited. The computation of the cost of goods sold and its companion figure, the inventory of finished goods, likewise involves the use of gross estimates, A physical count can be made of the items of finished product on hand, but the unit cost to be used in the valuation of the inventory is again a matter of conjecture. This means that any losses are probably concealed in the cost ...
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