CC7-1 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, NGS purchased 20 units at a total cost of $5.40 per unit. Nicole purchased 30 more units at $740 in February. In March, Nicole purchased 20 units at $9.40 per unit. In May. 60 units were purchased at $9.20 per unit. In June, NGS sold 60 units at a selling price of $11.40 per unit and 50 units at $11.60 per unit CC7-1 Part 2 2. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, rst out(FiFO) method. (Round "Cost per Unit" to 2 decimal places.) ces ElEO (Pernetual) ost Units Total Beginning Inventory Purchases February March May Net Purchases 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 Ending Inventory 15 Next >