Whitewater Co. lost its entire inventory in a flash flood that occurred on August 31, 20##. Review the recovered records for August in the .learntoday.info/A140_Winter_11/site/Media/assignment_mod_09.xlsx”>Excel Template.
- Estimate the August 31 inventory using the gross profit method.
- Prepare the August income statement through gross profit for Whitewater Co.
- Calculate the Inventory Turnover Ratio for Whitewater for years 2009 and 2010.
- Provide a reason why the Inventory Turnover has changed from the previous year.