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. 7 5,000 $3.00 $ 15,000 Feb. 16 26,000 4.00 104,000 March 22 30,000 5.00 150,000 Totals 61,000 $269,000 ped OM 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 flest 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. Red LA Reg 13 Reg 1 Reg Calculate Topanga's cost of goods sold for the first quarter using FIFO Complete this question by entering your answers in the tabs below. 25 Reg 1A Ria 18 Reg 10 Rea 2 Rega Samped Boo Print Goods Sold In ending Ending Inventory - Periodic LIFO #of units Cost per Ending unit Inventory Inventory $ 0.00 $ 0 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 LIED Cost per Cost of Goods # of units # of units Cost por Cost of unit Available for sold unit Sale Beginning Inventory $ 0 $ 0.00 $ 0 Purchases January 7 5,000 $3.00 15,000 3.00 0 February 10 20,000 $4.00 104.000 $ 4.00 0 March 22 30,000 $5.00 150,000 $ 5.00 0 Total 61.000 5 269,000 0 $ 0 Referencen $ 0 $ 3.00 4.00 5.00 $ 0 0 $ Complete this question by entering your answers in the tabs below. 6.25 points Sted 00 Pri Terences Red 1A Reg 13 Reg 2 Red Calculate Topanga's cost of goods sold for the fiest quarter using average cost. (Round average cost per unit to 4 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold Average Cout Ending Inventory - Average Cost YOR.COM Unit Cost of Goods of units Average Cost of of units Average of units Cost Ending Available for In ending Cost per sold Sale inventory unit Inventory Beginning Inventory Purch January 5.000 $ 300 S 15.000 February 10 26,000 5400 104.000 March 22 30.000 500 150.000 61.000 5 209.000 5 Cost per Goods Sold Unit TO Sipped Complete this question by entering your answers in the tabs below. eBook Req1A Req 18 Req 10 Reg 2 Req3 Punt References 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 ratio FIFO 0 LIFO Average cost 0 0 (Reg 10 Reg 3 > 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 13 Req1C Reg 2 Req3 Comment on the relative effect of each of the three inventory methods on the gross profit ratio, in situations when costs are rising. LFO results in a cont of goods sold and therefore, a groen profit ratio thun FIFO
