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 Jan. 7 Feb. 16 March 22 Totals Units 6,000 Unit Cost Total Cost $5.00 $ 30,000 22,000 6.00 132,000 26,000 7.00 54,000 182,000 $344,000 Sales for the quarter, all at $10 per unit, totaled 31,000 units leaving 23,000 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Req 3 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 Ending Inventory - Periodic FIFO FIFO: # of units Cost per unit Cost of Goods # of units Available for Sale Cost per sold unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 0 $ 0.00 $ 0.00 Purchases: January 7 6,000 $5.00 30,000 $ 5.00 February 16 22,000 $6.00 132,000 $ 6.00 March 22 26,000 $7.00 182,000 $ 7.00 $ 5.00 $ 6.00 $ 7.00 Total 54,000 $ 344,000 < Req 1A Req 1B > Req 1A Req 1B Req 1C Req 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using LIFO. LIFO # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per sold unit Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Ending Inventory - Periodic LIFO # of units in ending Cost per Ending unit Inventory inventory Beginning Inventory $ 0 $ 0.00 $ 0.00 Purchases: January 7 6,000 $5.00 30,000 $ 5.00 February 16 22,000 $6.00 132,000 $ 6.00 March 22 26,000 $ 7.00 182,000 $ 7.00 Total 54,000 $ 344,000 < Req 1A Req 1C > $ 5.00 $ 6.00 $ 7.00 Req 1A Req 1B Req 1C Req 2 Req 3 Cost of Goods Available for Sale Calculate Topanga's cost of goods sold for the first quarter using average cost. (Round average cost per unit to 4 decimal places.) Ending Inventory - Average Cost Cost of Goods Sold - Average Cost Average Cost # of units Unit Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit # of units Cost of Goods Sold in ending inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: January 7 6,000 $5.00 $ 30,000 February 16 22,000 $6.00 132,000 March 22 26,000 $7.00 182,000 Total 54,000 $ 344,000 < Req 1B Req 2 > Req 1A Req 1B Req 1C Req 2 Req 3 = Gross profit ratio Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. Choose Numerator: Choose Denominator: = Gross Profit Ratio FIFO LIFO Average cost + + || = < Req 1C II = 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, LIFO results in a cost of goods sold and therefore, a gross profit ratio than FIFO. < Req 2 Req 3 >