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 Jan. 7 Feb. 16 March 22 Totals Units 9,000 25,000 29,000 63,000 Unit Cost $4.00 5.00 6.00 Total Cost $ 36,000 125,000 174,000 $335,000 Sales for the quarter, all at $9 per unit, totaled 36,000 units leaving 27,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 10 Req 2 Reg 3 Ending Inventory - Periodic FIFO # of units in ending inventory Cost per unit Ending Inventory Calculate Topanga's cost of goods sold for the first quarter using FIFO. Cost of Goods Available for Cost of Goods Sold - Periodic Sale FIFO FIFO: Cost of # of Cost Goods # of Cost of Cost per units Available units Goods unit per unit sold for Sale Sold Beginning Inventory 0 0 27,000 Xs S 0.00 $ 0 Purchases: January 7 9,000 $4.00 36,000 IS 4.00 0 February 16 25,000 $5.00 125,000 S 5.00 0 0 March 22 29,000 $6.00 174,000 S $ 6.00 0 Total 63,000 $ 335,000 27,000 $ 0 36,000 $ 0.00 $ 0 S 4.00 0 s 5.00 0 S 6.00 0 36,000 $ 0