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 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 10 units at a total cost of $7.20 per unit. Nicole purchased 25 more units at $8.80 in February. In March, Nicole purchased 10 units at $10.80 per unit. In May, 40 units were purchased at $10.60 per unit. In June, NGS sold 40 units at a selling price of $12.80 per unit and 30 units at $10.80 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). Cost per Units Total Unit Beginning Inventory Purchases February March May Net Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory CC7-1 Part 3 3. Calculate the inventory 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