Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topangas 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. 7	8,000		$	3.00			$	24,000
Feb. 16	17,000			4.00				68,000
March 22	21,000			5.00				105,000
Totals	46,000						$	197,000

Sales for the quarter, all at $9 per unit, totaled 26,000 units leaving 20,000 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 Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost.