Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $672 and the merchandise basket normally sells for $168. Together, the bundle was sold to Val Amy for cash at a selling price of $570 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NGS $165. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $670 (total); terms n/30. The goods cost NGS $570. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer. Aug. 10 Val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug.20 Sold two at-home spa kits to Meghan Witzel for $470 cash. The goods cost NGS $181. Aug. 22 Cosmetics R Us paid its remaining account balance in full. Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information 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 $5.70 per unit. Nicole purchased 50 more units at $7.70 in February. In March, Nicole purchased 20 units at $9.70 per unit. In May, 70 units were purchased at $9.50 per unit. In June, NGS sold 70 units at a selling price of $11.70 per unit and 60 units at $11.30 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 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 Ending Inventory 10 Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand her spa by selling merchandise. She sells things such as nail polish, at-home spa kits, cosmetics, and aromatherapy items. Nicole uses a perpetual inventory system and is starting to realize all of the work that is created when inventory is involved in a business. The following transactions were selected from among those completed by NGS in August. Aug. 2 Sold a bundle of spa services with a merchandise basket. When sold separately, the spa service part of the bundle sells for $672 and the merchandise basket normally sells for $168. Together, the bundle was sold to Val Amy for cash at a selling price of $570 (total). Val booked a spa treatment for August 10, and she took the basket of goods with her. The goods had cost NGS $165. Aug. 3 Sold 5 identical items of merchandise to Cosmetics R Us on account at a selling price of $670 (total); terms n/30. The goods cost NGS $570. Aug. 6 Cosmetics R Us returned one of the five items purchased on August 3. The item could still be sold by NGS in the future and credit was given to the customer. Aug. 10 Val Amy used one of the three spa treatments she had purchased as part of the bundle sold to her on August 2. Aug.20 Sold two at-home spa kits to Meghan Witzel for $470 cash. The goods cost NGS $181. Aug. 22 Cosmetics R Us paid its remaining account balance in full. Required: 1. Prepare journal entries for each transaction. No additional sales returns are expected. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information 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 $5.70 per unit. Nicole purchased 50 more units at $7.70 in February. In March, Nicole purchased 20 units at $9.70 per unit. In May, 70 units were purchased at $9.50 per unit. In June, NGS sold 70 units at a selling price of $11.70 per unit and 60 units at $11.30 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 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 Ending Inventory 10