Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, 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 Jan. 4, 000 $4. 00 $ 16, 000 Feb. 16 March 22 12, 000 16, 000 5.00 60, 000 6.00 96, 000 Totals 32, 000 $172, 000 Sales for the quarter, all at $9 per unit, totaled 18,000 units leaving 14,000 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. 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 FIFO: Cost per Cost of Goods # of units # of units Cost per Cost of # of units Ending unit Available for Cost per Sale sold unit Goods Sold in ending inventory unit Inventory Beginning Inventory $ 0.00 $ 0 $ 0 Purchases January 7 $ 0.00 $ 0.00 February 16 0.00 O 0.00 March 22 0.00 0.00 Total $ 0 0 $ 0 0 $