Cascade Inc. completed the following inventory transactions during the month of September:

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First assignment

  1. Prepare a perpetual inventory record using FIFO.
  2. Prepare a perpetual inventory record using LIFO.
  3. Prepare a perpetual inventory record using average cost

Second assignment

  1. Estimate the August 31 inventory using the gross profit method.
  2. Prepare the August income statement through gross profit for Whitewater Co.
  3. Calculate the Inventory Turnover Ratio for Whitewater for years 2009 and 2010.
  4. Provide a reason why the Inventory Turnover has changed from the previous year
 
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