Applying the retail inventory method to approximate the lower of average cost or market value is often referred to as the: conventional retail method.
A small business can track the costs of acquiring goods from manufacturers and sale prices to customers using the traditional retail inventory approach. Small businesses having a number of separate components that make up total inventory, such restaurants or retail stores, can benefit from using this inventory system. By tracking sales of specific products over the course of an entire year, a small business can use this inventory method to identify sales peaks and valleys. Instead of using things at the business' physical site as inventory, the traditional retail inventory approach employs the small business's financial resources.
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