Whitewater Co. lost its entire inventory in a flash flood that occurred on August 31, 20##. Review the recovered records for August in the Excel Template.
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- 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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