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Required information In October, Nicole eliminated all existing Inventory of cosmetic items. The trouble of...

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Accounting

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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 $5.90 per unit. Nicole purchased 20 more units at $7.90 in ased 20 units at $9.90 per unit. In May. 40 units were purchased at $9.70 per unit. In June, NGS sold 40 units at a selling price of $11.90 per unit and 50 units at $11.10 per unit. 3. Calculate the inventory turnover ratio, using the inventory purchased on December 31 as the beginning Inventory- (Round your answers to 2 decimal places.) Numerator Inventory Turnover Ratio Cost of Goods Sold Average Inventory Denominato

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