Note: This is a two part assignment; both parts need to be submitted for grading.
FIFO, LIFO, and Average Costing Methods
Review the transactions and financial position of Cascade Inc. for the month of September in the Excel Template.
Requirements:
- Prepare a perpetual inventory record using FIFO.
- Prepare a perpetual inventory record using LIFO.
- Prepare a perpetual inventory record using average cost.
Inventory Estimation and Turnover
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.
Requirements:
- 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.
Submit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates.
Save your assignment as an Excel document. (Mac users, please remember to append the “.xlsx” extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below:
Jstudent_exampleproblem_101504
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