Problem 8-6 (Algo) Various inventory costing methods; gross profit ratio [LO8-1, 8-4, 8-7] Topanga Group began operations early in 2024. Inventory purchase information for the quarter ended March 31, 2024, for Topanga', 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 $10 per unit, totaled 32,000 units leaving 25,000 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. Calculate Topanga's cost of goods sold for the first quarter using FIFO. Complete this question by entering your answers in the tabs below. Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. Complete this question by entering your answers in the tabs below. Calculate Topanga's cost of goods sold for the first quarter using LIFO. Complete this question by entering your answers in the tabs below. 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. Calculate Topanga's cost of goods sold for the first quarter using average cost. Note: Round average cost per unit to 4 decimal places