Topanga Group began operations early in 2024. Inventory purchase information for the quarter ended March 31, 2024, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold. Date of Purchase January 7 February 16 Total Cost $ 20,000 105,000 150,000 March 22 Totals $275,000 Sales for the quarter, all at $9 per unit, totaled 30,000 units leaving 21,000 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 Topanga'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. Units 5,000 21,000 25,000 51,000 Unit Cost $4.00 5.00 6.00 Complete this question by entering your answers in the tabs below. Req ZA Calculate Topanga's cost of goods sold for the first quarter using FIFO. Cost of Goods Available for Sale Cost of Goods Number Cost per Available for of units Sale unit FIFO: Total Req 18. Beginning Inventory Purchases: January 7 February 16 March 22 Req 1C Req 2 5,000 $4.00 21,000 $5.00 25,000 $6.00 51,000 S 0 Req 3 20,000 105,000 150,000 275.000 Cost of Goods Sold-Periodic FIFO Number of units sold 0 Cost per unit $ 0.00 $ $ $ $ 0 Cost per unit $ $ S $ Ending Inventory 0.00 $ 4.00 5.00 6.00 $ 0 0 0 0 0 Complete this question by entering your answers in the tabs below. dea 18 Calculate Topanga's cost of goods sold for the first quarter using LIFO. Cost of Goods Available for Sale Cost of Goods Available for Sale Reg 1A LIFO Beginning Inventory Purchases: January 7 February 16 March 22 Total Req 1C Number Cost per of units unit 5,000 $4.00 21,000 $5.00 25,000 $6.00 51,000 $ $ Req 2 0 20,000 105,000 150,000 275,000 Reg 3 Cost of Goods Sold-Periodic LIFO Number of units sold 0 Cost per unit $ $ $ $ < Req 1A Cost of Goods Sold 0.00 $ 4.00 5.00 6.00 $ 0 0 0 0 0 Ending Inventory - Periodic LIFO Number of units in Ending ending Inventory inventory Req 1C > 0 Cost per unit $ $ $ $ 0.00 $ 4.00 5.00 6,00 $ 0 0 0 0 0 Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Ra IC Reg 2 Calculate Topanga's cost of goods sold for the first quarter using average cost. Note: Round average cost per unit to 4 decimal places. Average Cost Beginning Inventory Purchases: January 7 February 16 March 22 Total Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units " Unit Cost 5,000 $4.00 $ 21,000 $5.00 25,000 $6.00 51,000 $ 20,000 105.000 150,000 275,000 Req 3 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold < Req 18 Cost of Goods Sold Ending Inventory-Average Cost Number of units in ending inventory Reg 2 > Average Cost per unit Ending Inventory $ 0 Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Req 1C Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. Choose Numerator: Choose Denominator: FIFO LIFO Average cost 4 Req 2 < Req 1C Req 3 = = Gross profit ratio = M Gross Profit Ratio. 0 0 0 Req 3 > Complete this question by entering your answers in the tabs below. Req 14 Req 18 Comment on the relative effect of each of the three inventory methods on the gross profit ratio. In situations when costs are rising, LIFO results in a cost of goods sold and therefore, a Reg 3 > Req 1C Req 2 Req 3 < Req 2 gross profit rado than FIFO