Required information CC7-1 (Algo) 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 of last year, NGS had 15 units at a total cost of $6.60 per unit. Nicole purchased 20 more units at $8.20 in February. In March, Nicole purchased 10 units at $10.20 per unit. In May, 40 units were purchased at $10.00 per unit. In June, NGS sold 40 units at a selling price of $12.20 per unit and 35 units at $10.20 per unit. Check my wor CC7-1 (Algo) 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.) Required information FIFO (Perpetual) 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 Cost per Units Total Unit $ 0 0 0 Total Cost of Goods Sold 0 0 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.) Inventory Turnover Ratio Numerator Denominator Cost of Goods Sold Average Inventory 0