Question

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 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. 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 Available for Sale: Cost of Goods Available for Sale: Units Sold: Cost of Goods Sold: Units in Ending Inventory: Cost of Ending Inventory:

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Answer 1

Solution:

FIFO (Perpetual)
Units available for sale	85
Cost of goods available for sale	$824.00
Units sold	70
Cost of goods sold	$665.00
Units in ending inventory	15
Cost of ending inventory	$159.00

Excel 8.xlsx - Microsoft Excel X 90 = File Home Insert Page Layout Formulas Data Review View - 2 x fr EO ? A o @ Calculate Now Insert Function AutoSum Recently Financial Logical Text Date & Lookup & Math More Used Time Reference & Trig Functions Function Library A a Define Name f Use in Formula Name Manager Create from Selection Defined Names Trace Precedents 5 Show Formulas Trace Dependents Error Checking Remove Arrows Evaluate Formula Formula Auditing Watch Window Calculation Calculate Sheet Options Calculation C10 А B FIFO (Perpetual) Units available for sale =10+25+10+40 Cost of goods available for sale =(10*7.2)+(25*8.8)+(10*10.8)+(40*10.6) Units sold Cost of goods sold =(10*7.2)+(25*8.8)+(10*10.8)+(25*10.6) Units in ending inventory =C3-C5 Cost of ending inventory =C4-C6 I 25 N Ready Sheet66 Sheet72 Sheet481 (2) Sheet236 (6) Sheet80 Sheet88 | Sheet59 Sheet423 (19) Circular References BO! 100% @o e OPERSEHED - Answers Micestical Wilanowedoc - 5 mage 0189 - Smage - 9:17 AM 2/24/2020