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opanga 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   $ 6.00     $ 30,000   Feb. 16 14,000     7.00       98,000   March 22 18,000     8.00       144,000   Totals 37,000           $ 272,000       Sales for the quarter, all at $9 per unit, totaled 20,000 units leaving 17,000 units on hand at the end of the quarter.   Required: 1. Calculate Topanga’s cost of goods sold for the first quarter using: FIFO LIFO Average cost

- November 14, 2022 - Edwin Tunner

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   $ 6.00     $ 30,000  
Feb. 16 14,000     7.00       98,000  
March 22 18,000     8.00       144,000  
Totals 37,000           $ 272,000  
 

 
Sales for the quarter, all at $9 per unit, totaled 20,000 units leaving 17,000 units on hand at the end of the quarter.
 
Required:
1. Calculate Topanga’s cost of goods sold for the first quarter using:

  1. FIFO
  2. LIFO
  3. 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.

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