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Required Information 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 krt. 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 $5.60 per unit. Nicole purchased 20 more units at $7.60 in February. In March, Nicole purchased 15 units at $9.60 per unit. In May. 40 units were purchased at $9.40 per unit. In June, NGS sold 40 units at a selling price of $11.60 per unit and 45 units at $11.40 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 Units Cost per Unit Total Beginning Inventory Purchases February March 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 Required information CC7-1 Accounting for Changing Inventory Costs [LO 7-3, LO 7-9) 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 $5.60 per unit. Nicole purchased 20 more units at $7.60 in February. In March, Nicole purchased 15 units at $9.60 per unit. In May, 40 units were purchased at $9.40 per unit In June NGS sold 40 units at a selling price of $11.60 per unit is at $11.40 per unit. CC7-1 Part 3 3. Calculate the inventory turnover ratio, us ver ratio, using the inventory purchase answers to 2 decimal places.) December 31 as the beginning inventory (Round your Inventory Turnover Ratio Numerator Denominator