Topanga Group began operations early in 2018. Inventory purchase information for the quarter ended March 31, 2018, for Topangas only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system.

Date of Purchase	Units		Unit Cost			Total Cost
Jan. 7	3,000		$	2.00			$	6,000
Feb. 16	19,000			3.00				57,000
March 22	23,000			4.00				92,000
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: 1. Calculate Topanga's cost of goods sold for the first quarter using:

1. FIFO
2. LIFO
3. 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

Req 1A Req 1B Req 1C Req 2 Req 3 Calculate Topanga's cost of goods sold for the first quarter using LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory- Periodic LIFO Cost of Goods Available for | # of units # of units Ending Inventory Cost per Cost of Goods Sold I in ending inventory Cost per unit # of units cost per unit sold unit Sale $0.00$ $0.00$ Beginning Inventory Purchases January 7 February 16 March 22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0 0 0 Total 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 # of units Cost per cost of Goods # of units unit # of units in ending unit FIFO: Cost per Available for sold Cost per unit Cost of Available for Sale | # of units Cost of Cost per Ending Goods Sold inventory Inventory unit Beginning Inventory Purchases: $0.00$ 0 $0.00$ January 7 February 16 March 22 $ 0.00 $0.00 $ 0.00 0 0 0 $0.00 $ 0.00 $ 0.00 0 Total 0 Req 1A Req 1B>