Check my worl 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. 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) Units Cost per Total Unit $ 0 Beginning Inventory Purchases February March May Net Purchases 0 0 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 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 Cost of Goods Sold 0 Denominator Average Inventory