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. Jan. 7 Feb. 16 March 22 4,000 20,000 24,000 48,000 $3.00 4.00 5.00 12,000 80,000 120,000 212,000 Totals Sales for the quarter, all at $8 per unit, totaled 29,000 units leaving 19,000 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 e Complete this question by entering your answers in the tabs below