Topanga 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.

Sales for the quarter, all at $$9$ per unit, totaled $19,000$ unlts leaving $16,000$ unlts on hand at the end of the quarter.

Requlred:

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

a$.$ FIFO

b$.$ LIFO

c$.$ Average cost

Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost.

Comment on the relative effect of each of the three inventory methods on the gross profit ratio.