Help Save & Exit Submit Check my work 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. Date of Purchase Units Unit Cost Total Cost 5,000 $ 15,000 26,000 30,000 5.00 150,000 269,000 Jan. 7 Feb. 16 March 22 Totals $3.00 4.00 104,000 61,000 Sales for the quarter, all at $8 per unit, totaled 37,000 units leaving 24,000 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 1A Reg 1B Req 1C Reg 2 Req3 Check my work 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. Reg 1A Reg 1B Reg 10 Reg 2 Req3 Calculate Topanga's cost of goods sold for the first quarter using FIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO FIFO: Cost per Cost of Goods # of units # of units Available for Cost per Cost of unit sold unit Sale Goods Sold Beginning Inventory $ 0.00 $ 0 Purchases: January 7 5,000 $ 3.00 15,000 $ 3.00 February 16 26,000 $ 4.00 104,000 $ 4.00 0 March 22 30,000 $ 5.00 150,000 $ 5.00 0 Total 61,000 $ 269,000 0 $ 0 Ending Inventory - Periodic FIFO # of units Cost per In ending Ending unit Inventory inventory $ 0.00 $ 0 0 $ $ 3.00 4.00 $ O O OO 5.00 0 $ Reg 1B > Check my work 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. Cost per Req 1A Req 18 Req 10 Reg 2 Req3 Calculate Topanga's cost of goods sold for the first quarter using LIFO. Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO LIFO Cost of Goods # of units # of units Available for Cost per unit Cost of sold Sale unit Goods Sold Beginning Inventory $ 0 $ 0.00 $ 0 Purchases: January 7 0 $ 0.00 0 February 16 0 $ 0.00 0 March 22 $ 0.00 0 Total $ 0 $ 0 Ending Inventory - Periodic LIFO # of units In ending Ending Inventory Inventory $ 0.00 $ 0 Cost per unit $ $ $ $ 0.00 0.00 OOOO 0.00 0 0 $ BRE Page 1 of 3 681 words OF English (United States) Focus Check my work 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 1A Reg 1B Reg 10 Reg 2 Reg 3 Cost per Calculate Topanga's cost of goods sold for the first quarter using average cost. (Round your intermediate calculations to 4 decimal method and final answers to the nearest whole number.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Cost of Goods Unit Average # of units # of units # of units Average Cost of Available for Cost sold Ending In ending Cost per Sale Goods Sold Unit inventory unit Inventory Beginning Inventory Purchases; January 7 February 16 March 22 Total 0 $ 0 $ s Page 1 of 3 681 words English (United States) Focus 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 1A Req 1B Reg 10 Reg 2 Reg 3 Calculate Toponga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. Choose Numerator: Choose Denominator: Gross Profit Ratio Gross profit ratio FIFO LIFO Average cost ++ = ++ ololo Focus Page 1 of 3 681 words English (United States) W Check my work 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 1A Reg 18 Req 1C Reg 2 Reg 3 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 gross profit ratio than FIFO,
