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. Nicoles 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, prior year, NGS purchased 15 units at a total cost of $5.00 per unit. Nicole purchased 20 more units at $7.00 in February. In March, Nicole purchased 15 units at $9.00 per unit. In May, 50 units were purchased at $8.80 per unit. In June, NGS sold 50 units at a selling price of $11.00 per unit and 35 units at $12.00 per unit.

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
	Units	Cost per unit	Total
Beginning Inventory			$0
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

3.	Calculate the inventory turnover ratio, using the inventory purchased on December 31 as the beginning inventory. (Round your answers to 2 decimal places.)

Numerator	=		=
Denominator	=		=