On December 31 , NGS purchased 10 units at a total cost of $7.00 per unit. NGS purchased 30 more units at $9.00 in February, but returned 5 defective units to the supplier. In March, NGS purchased 15 units at $11.00 per unit. In May, 50 units were purchased at $11.00 per unit; however, NGS took advantage of a 2.00/10,n/30 discount from the supplier. In June, NGS sold 50 units at a selling price of $12.20 per unit and 35 units at $10.20 per unit. Required: 1. State whether the transportation cost included in each purchase should be recorded as a cost of the inventory or immediately expensed. Inventory cost Immediately expensed 2. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, first-out (FFO) method. (Do not round intermediate calculations. Round final answers to the nearest dollar amount.) 3-a. Calculate the inventory turnover ratio, using the inventory on hand at December 31 as the beginning inventory. (Do not round intermediate calculations. Round your answer to 1 decimal place.)