Whitewater co lost its entire inventory in the flash flood

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Reference no: EM13390050

Reference no: EM13390050

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Whitewater Co. lost its entire inventory in a flash flood that occurred on August 31, 20##. Over the past 4 years gross profit has averaged 32% of net sales. The following records for August were recovered:

Requirements:

1. Estimate the August 31 inventory using the gross profit method.

2. Prepare the August income statement through gross profit for Whitewater Co.

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Whitewater co lost its entire inventory in the flash flood : whitewater co. lost its entire inventory in a flash flood that occurred on august 31 20. over the past 4 years gross

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Net Purchases

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