Cascade Inc. completed the following inventory transactions during the month of September:
- Prepare a perpetual inventory record using FIFO.
- Prepare a perpetual inventory record using LIFO.
- Prepare a perpetual inventory record using average cost
- 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
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