Problem 8-6 Various inventory costing methods; gross profit ratio [LO8-1, 8-4, 8-7] 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 8,000 24,000 28,000 50,000 Unit Cost $5.00 .00 7.00 Total Cost $ 40,000 144,000 196,000 390,000 Feb. 16 March 22 Total Sales for the quarter, all at $9 per unit, totaled 33,000 units leaving 27,000 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 Req 1B Req 1C Req 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using FIFO of Goods S Cost of Goods Available for Sale Ending Inventory - Periodic FIFO FIFO FIFO: Cost of Goods Available for | # of units | # of units Cost per Cost of unit Goods Sold in ending Cost per Ending # of units per unit sold Sale inventoryt Inventory Beginning Inventory Purchases January 7 February 16 March 22 Total Req 1A Req 1B 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 LIFO of Goods Sold- Cost of Goods Available for Sale Ending Inventory - Periodic LIFO # of units invento LIFO LIFO Cost per unit Cost of Goods Available for | # of units | sold Cost Cost per Ending per Cost of unit Goods Sold in ending # of units Sale unit Inventory Beginning Inventory January 7 February 16 March 22 Total Req 1A Req 1C Complete this question by enteringour nswers in the tabs Reg 1A Reg 18Reg 1cReg 2 Req 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 K Req 1c Complete this question by entering your answers in the tabs below Req 1AReq 18 Req 1C Req 2 Req 3 Comment on the relative effect of each of the three inventory methods on the gross profit ratio. situations when costs are nsing. LIFO results in cost of goods sold and therefore pross profit ratio than