3 Problem 8-6 Various inventory costing methods; gross profit ratio [LO8-1, 8-4, 8-7 Topanga Group began operations early in 2018. Inventory purchase information for the quarter ended March 31, 2018, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system 6 points Date of Purchase Jan.7 Feb. 16 March 22 Units Unit Cost Total Cost 2,000 $2.00 18,000 22,000 42,000 $ 4,000 54,000 88,000 146,000 3.00 4.00 eBook Totals Reference Sales for the quarter, all at $6 per unit, totaled 27,000 units leaving 15,000 units on hand at the end of the quarter. Required 1. Calculate Topanga's cost of goods sold for the first quarter using a. FIFO b. LIFO c. Average cost 2. Calculate Toponga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. 3. Comment on the relative effect of each of the three inventory methods on the gross profit ratio Complete this question by entering your answers in the tabs below. Req 1AReq 1B Req 1C Req 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using FIFO Cost of Goods Available Cost of Goods Sold- Ending Inventory- Periodic for Sale Periodic FIFO FIFO Cost of Cost Goods units per Available sold Cost of | # of units per unit Sold inventory FIFO #of Cost cost Ending #of units unit for Sale tGoods in ending per unit Inventory Beginning Invent Purchases January 7 February 16 March 22 Total Complete this question by entering your answers in the tabs below. Req 1AReq 1BReq 1C Req 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using LIFO. Cost of Goods Available Cost of Goods Sold Ending Inventory Periodic LIFO for Sale Cost unit Available units Periodic LIFO Cost of Goods Cost of | # of units | ending LIFO # of #of units per | Ending Sold inventon per unit Inventory Cost Cost Per unit Soods for Sale sold Beginning Invento Purchases January 7 February 16 March 22 Total Req 1A Complete this question by entering your answers in the tabs below. Req 1AReq 1BReq 1CReq 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using average cost. (Round your intermediate calculations to 4 decimal places for average cost method and final answers to the nearest whole number.) Cost of Goods Available Cost of Goods Sold Ending Inventory -Average for Sale Average Cost Cost Cost of Average Cost # of Unit | Goods | units | Cost # of Average Cost of | # of units Average Ending Goods in ending Cost units Cost Available Inventory sold per Unit Sold inventory per unit for Sale Beginning Invento Purchases January 7 February 16 March 22 Total K Req 1B Req 2> Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1c Req 2Req 3 Calculate Toponga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. Choose 1 Numerator: Choose Denominator: Gross Profit Ratio Gross profit ratio FIFO LIFO Average cost Reqic Req 3 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Req 3 Comment on the relative effect of each of the three inventory methods on the gross profit ratio. In situations when costs are rising, cost of goods sold and therefore,a gross profit ratio than FIFO LIFO results in a Req2 Req 3