Topanga Group began operations early in 2018. Inventory purchase information for

Question

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. Unit Cost $5.00 6.00 7.80 Total Cost $ 40,000e 174,00 231,000 445,000 Date of Purchase Units 8,000 29,000 33,000 70,08 Feb. 16 March 22 Totals Sales for the quarter, all at $10 per unit, totaled 40,000 units leaving 30,000 units on hand at the end of the quarter. Required 1. Ca culate Topanga's cost of goods sold for the first quarter using a. FIFO b. LIFO c. Average cost Cplculate Toponga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost. omment 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 Ending Inventory - Periodic FIFO | Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO # of units Cost of . 1 in ending FIFO: # of units Cost per costof Goods Ending Inventory Available for | # of units | Cost Goods Sold inventory unit sold unit unit Sale 0.00 $ 0.00 S Beginning Inventory Purchases January 7 February 16 March 22 S 0.00 S 0.00 S 0.00 $ 0.00 $ 0.00 $ 0.00 Total

Explanation / Answer

FIFO: Cost of goods available for sale Cost of goods sold -Periodic Ending Inventory # of units cost per cost of goods # of units cost per COGS # of units cost per Ending unit avaiable unit unit inventory Beginning inventory 0 0 0 0 0 0 Purchases: 7-Jan 8,000 5 40,000 8,000 5 40,000 0 0 16-Feb 29,000 6 174000 29,000 6 174000 0 0 22-Mar 33,000 7 231000 3,000 7 21,000 30,000 7 210,000 total 70,000 445,000 40,000 235,000 30,000 210,000

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