GIVEN DATA:

(I HAVE THE EXACT TEMPLET TO USE TO MAKE IT EASIER FOR YOU. I JUST NEED NUMBERS)

Templet (split into two):

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 $4.00 $ 20,000 Feb. 16 12.000 4.50 54,000 March 22 17,000 5.00 85,000 Total purchases 34.000 $ 159,000 Sales for the quarter, all at $7.00 per unit, totaled 20,000 units leaving 14,000 units on hand at the end of the quarter. Required: 1. Calculate Topanga's gross profit ratio for the first quarter using: a. FIFO b. LIFO c. Average cost 2. Comment on the relative effect of each of the three inventory methods on the gross profit ratio. Given Data P08-06: TOPANGA GROUP Merchandise transactions: Date of Purchase Jan. 7 Feb. 16 March 22 Totals Purchases Units Unit Cost 5,000 $ 4.00 12,000 $ 4.50 17,000 $ 5.00 34,000 Total Cost $20,000.00 54,000 85,000 $159,000.00 Number of units sold during quarter Sales price of all units sold in quarter Units on hand, end of quarter 20,000 $7.00 14,000 Requirement 1: TOPANGA GROUP Inventory Cost of goods available for sale for periodic system: Units Unit cost Total cost Purchases: January 7 February 16 March 22 Cost of goods available a. FIFO Cost of goods available for sale Less: Ending inventory (calculation below) Cost of goods sold Cost of ending inventory: Date of purchase Units Unit cost Total cost b. LIFO Cost of goods available for sale Less: Ending inventory (calculation below) Cost of goods sold Cost of ending inventory: Date of purchase Total cost Units Unit cost Totals c. Average cost Cost of goods available for sale Less: Ending inventory (calculation below) Cost of goods sold Cost of ending inventory: Weighted Avg. Unit Cost Units Ending Inventory Gross Profit ratio: Gross Profit Gross Profit Ratio Sales FIFO: LIFO: Average: Requirement 2