Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Required information In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking oach product line had exceeded the profits

image text in transcribed
Required information In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking oach product line had exceeded the profits earned. In December a supplier asked her to sell a prepackaged spa Kit Fooling 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 25 units at a total cost of $5.80 per unit. Nicole purchased 30 more units at $780 in February. In March, Nicole purchased 15 units at $9.80 per unit. In May, 60 units were purchased at $9.60 per unit. In June, NGS sold 60 units at o selling price of $11.80 per unit and 55 units at $11.20 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 $ 0 0 0 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 Total Cost of Goods Sold 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions