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. AT&T 9:01 PM O 52% 4.1 X PNG-35 KB Topanga Group began operations early in 2018. Inventory purchase information for the quarter ended March 31, 2018 for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system Date af Purchase Total Cast S4.000 54, Undts Undt Cost 52-00 3.00 400 2, b 3 220 Harch 22 Totals 42,0 34, Sales for the quarter, all at $6 per unit, totaled 27000 units leaving 15.000 units on hand at the end of the quarter Required 1 Calculane Topanga's cost of goods sold for the first quaner using a Firo b. LIFO c Average cost 2 Calculate Toponga's gross proft ratio for the fest 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 Topanga Group began operations early in 2018. Inventory purchase information for the quarter ended March 31, 2018, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system. Date of Purchase Jan. 7 Feb. 16 Units Unit Cost $2.00 2,000 18,000 22,000 Total Cost $ 4,e00 $4,000 88,000 3.00 4.00 March 22 Totals 42,000 146,e00 Sales for the quarter, all at $6 per unit, totaled 27000 units leaving 15,000 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 Toponga'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. Comolete this auestion bv enterino vour answers in the tabs below

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