Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga's only product 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 Jan. 7 Feb. 16 March 22 Totals Units 5.000 26,000 30,000 61,000 Unit Cost $3.00 4.00 5.00 Total Cost $ 15,000 104,000 150,000 $269,000 Sales for the quarter, all at $8 per unit, totaled 37,000 units leaving 24,000 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 Topanga'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. Reg 1A Reg 3 Reg 1B Reg 10 Req 2 Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. Choose Numerator: + Choose Denominator: = Gross Profit Ratio Gross profit Sales = Gross profit ratio 0 = FIFO 0 LIFO 0 Average cost Ren2