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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

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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 $5.20 per unit. Nicole purchased 40 more units at $7.20 in February. In March, Nicole purchased 15 units at $9.20 per unit. In May, 60 units were purchased at $9.00 per unit. In June, NGS sold 60 units at a selling price of $11.20 per unit and 55 units at $11.80 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, first-out (FIFO) method. (Round "Cost per Unit" to 2 decimal places.) FIFO (Perpetual) loo 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 Ollo 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 $5.20 per unit. Nicole purchased 40 more units at $720 in February, in March, Nicole purchased 15 units at $9.20 per unit. In May 60 units were purchased at $9.00 per unit. In June, NGS sold 60 units at a selling price of $11.20 per unit and 55 units at $11.80 per unit. CC7-1 Part 3 3. Calculate the intory turnover ratio, using the inventory purchased on December 31 as the beginning inventory (Round your answers to 2 decimal places.) Inventory Turnover Ratio Numerator Denominator In October Nicole eliminated existing inventory of cosmetices. The trouble of ordering and tracking each product ine had exceeded the profitseamed in December a supplier asked her to sell a prepackaged spakit. Feeling she could manage a single product line. Nicolle agreed. Nicole's Getaway Spa (NGS) would make monthly purchases from the supplier at a cost that included production costs and a vansportation charge NGS Would keep track of its new inventory ang perpetual inventory system On December 31, NGS purchased 20 unts a total cost of 5 20 perunt Nicole purchased 40 more units at $7.20 in February. In March, Nicole purchased 15 units at $9.20 per unit. In May 60 units were purchased at $9.00 per unit in June. NGS sold 60 units at a selling price of $11.20 per unit and 55 units at $1180 per unit CC7-1 Part 4 4. Would different inventory cost flow assumption allow Nicole's Getaway Spa to better minimize its income tax? Theron www cosy Spatobre monty inwege Conto h The method w w es Gewey Spe to be

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