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Can you please explain why my numbers are wrong? Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31
Can you please explain why my numbers are wrong?
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31 , 2021, 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. 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. Requlred: 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Calculate Topanga's cost of goods sold for the first quarter using FIFO. Answer is not complete. Complete this question by entering your answers in the tabs below. Calculate Topanga's cost of goods sold for the first quarter using LIFO. \begin{tabular}{|l|l|} \hline Req1A & Req1B \\ \hline \end{tabular} \begin{tabular}{|l||l||l|} \hline Req1C & Req2 & Req3 \\ \hline \end{tabular} Calculate Topanga's cost of goods sold for the first quarter using average cost. (Round average cost per unit to 4 decimal places.) Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost
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