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i need a quick help pleeease Topango Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga's
i need a quick help pleeease
Topango 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. Date of Purchase Units Unit Cost Total cost Jan. 7 5,000 $6.00 $ 30,000 Feb. 16 14,000 7.00 98,000 March 22 18,000 8.00 144,000 Totals 37,000 $272,800 Sales for the quarter, all at $9 per unit totaled 20,000 units leaving 17000 units on hand at the end of the quarter, Required: 1. Calculate Topango'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, Complete this question by entering your answers in the tabs below. Req 1A Reg 18 Reg 1C Reg2 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 of Goods # of units Cost per Cost of Available for unit Sila sold unit Goods Sold of units Cost per Ending Inventory. Periodic FIFO # of units Cost per Ending in ending unit Inventory inven 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Reg 2 Reg 3 Ending Inventory - Periodic FIFO # of units in ending Ending Inventory Inventory $ 0.00 $ 0 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 EIFO: Cost per Cost of Goods Cost per # of units Cost of # of units Available for unit unit sold Goods Sold Sale Beginning Inventory 0 $ 0.00 $ 0 Purchases January 7 5,000 $ 0.00 30,000 $ 6.00 0 February 16 14,000 $ 7.00 98,000 $ 7.00 0 March 22 18,000 $ 8.00 144,000 $ 8.00 Total 37,000 $ 272,000 0 S Cost per unit 0 $ $ $ 6.00 7.00 8.00 0 0 0 0 0 $ Re1 Reg 10 > 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Reg 2 Req3 Cost per unit Cost per 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 Ending Inventory - Periodic LIFO LIFO Cost of Goods # of units # of units Cost per #of units Cost of Available for sold Ending Sale unit in ending Goods Sold Inventory unit Inventory Beginning Inventory $ 0 $ 0.00 $ 0 $ 0.00 $ 0 Purchases January 7 5,000 $ 6.00 30,000 $ 6.00 0 $ 6.00 February 16 14,000 $ 7.00 98,000 $ 7.00 0 $ 7.00 March 22 18,000 $ 8.00 144.000 $ 8.00 0 $ 8.00 Total 37,000 $ 272,000 0 $ 0 0 $ OOOO 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Roq 1C Reg 2 Reg 3 #of units Average Unit Calculate Topanga's cost of goods sold for the first quarter using average cost. (Round average cost per unit to 4 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost Average Cost Unit Cost of Goods # of units Cost of Average # of units Cost Available for Cost per Ending Cost per in ending sold Sale Goods Sold inventory Inventory unit Beginning Inventory Purchases: January 7 5,000 $ 6.00 $ 30.000 February 16 14,000 $ 7.00 98,000 March 22 18,000 $ 8.00 144,000 Total 37,000 $ 272,000 $ 0 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. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Reg 2 Reg 3 Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. Choose Numerator: + Choose Denominator: FIFO Gross Profit Ratio Gross profit ratio 0 0 0 LIFO Average cost Step by Step Solution
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