Req $1A$

Calculate Topanga's cost of goods sold for the first quarter using average cost.

Note: Round average cost per unit to $4$ decimal places.

$\backslash$table$[[$Average Cost,Cost of Goods Available for Sale,Cost of Goods Sold $-$ Average Cost,Ending Inventory $-$ Average Cost$],[\backslash$table$[[$Number$],[$of units$]],\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Cos$],[$Ava$]],\backslash$table$[[$f Goods$],[$ble for$],[$ale$]],\backslash$table$[[$Number$],[$of units$],[$sold$]],\backslash$table$[[$Average$],[$Cost per$],[$Unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units in$],[$ending$],[$inventory$]],\backslash$table$[[$Average$],[$Cost per$],[$unit$]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning Inventory$],[$Purchases:$],[$January $7,3,000,$$$2\mathrm{.}00,$$$,6,000,,,,,,],[$February $16,19,000,$$$3\mathrm{.}00,,57,000,,,,,,],[$March $22,23,000,$$$4\mathrm{.}00,,92,000,,,,,,],[$Total$,45,000,,$$$,155,000,,,$$$,,,$$$]]$ Req $1A$

Req $1B$

Req $1C$

Req $2$

Req $3$

Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and AvTopanga Group began operations early in $2024.$ Inventory purchase information for the quarter ended March $31,2024,$ 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

January $73,000$ $ $2\mathrm{.}00$ $ $6,000$

February $1619,0003\mathrm{.}0057,000$

March $2223,0004\mathrm{.}0092,000$

Totals $45,000$ $ $155,000$

Sales for the quarter, all at $$7$ per unit, totaled $28,000$ units leaving $17,000$ units on hand at the end of the quarter.

Required:

Calculate Topanga's cost of goods sold for the first quarter using:

$-$FIFO

$-$LIFO

$-$Average cost

$-$Calculate Topanga's cost of goods sold for the first quarter using LIFO.Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost.