Cost per FIFO (Perpetual) Units Total Unit Beginning Inventory $ 0 Purchases February March May Net Purchases 0 0 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from February Purchase Units from March Purchase Units from May Purchase Total Cost of Goods Sold 0 0 Ending Inventory ! Required information CC7-1 (Algo) Accounting for Changing Inventory Costs [LO 7-3, LO 7-5] In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could manage a single product line, Nicole agreed. Nicole's Getaway Spa (NGS) would make monthly purchases from the supplier at a cost that included production costs and a transportation charge. NGS would keep track of its new inventory using a perpetual inventory system. On December 31 of last year, NGS had 20 units at a total cost of $5.10 per unit. Nicole purchased 40 more units at $7.10 in February. In March, Nicole purchased 20 units at $9.10 per unit. In May, 60 units were purchased at $8.90 per unit. In June, NGS sold 60 units at a selling price of $11.10 per unit and 60 units at $11.90 per unit. CC7-1 (Algo) Part 2 2. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, first-out (FIFO) method. (Round "Cost per Unit" to 2 decimal places.) Required information CC7-1 (Algo) Accounting for Changing Inventory Costs [LO 7-3, LO 7-5) In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could manage a single product line, Nicole agreed. Nicole's Getaway Spa (NGS) would make monthly purchases from the supplier at a cost that included production costs and a transportation charge. NGS would keep track of its new inventory using a perpetual inventory system. On December 31 of last year, NGS had 20 units at a total cost of $5.10 per unit. Nicole purchased 40 more units at $7.10 in February. In March, Nicole purchased 20 units at $9.10 per unit. In May, 60 units were purchased at $8.90 per unit. In June, NGS sold 60 units at a selling price of $11.10 per unit and 60 units at $11.90 per unit. CC7-1 (Algo) Part 3 3. Calculate the inventory turnover ratio, using the inventory purchased on December 31 as the beginning inventory. (Round your answers to 2 decimal places.) Inventory Turnover Ratio Cost of Goods Sold Numerator 0 Denominator Average Inventory