Question

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 Units 3,000 11,000 15,000 29,000 Unit Cost $3.00 4.00 5.00 Total Cost $ 9,000 44,000 75,000 $ 128,000 Totals Sales for the quarter, all at $8 per unit, totaled 17,000 units leaving 12,000 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. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Req 2 Reg 3 Calculate Topanga's cost of goods sold for the first quarter using FIFO. FIFO: Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods # of units Cost per Cost per Cost of # of units Available for unit sold unit Sale $ 0.00 $ 0 Goods Sold in ending Ending Inventory - Periodic FIFO # of units Cost per Ending unit Inventory inventory $ 0.00 $ 0 0 0 3.00 0 $ 0 Beginning Inventory Purchases: January 7 February 16 March 22 Total $ $ 4.00 0 $ 3,000 $ 3.00 11,000 $ 4.00 15,000 $ 5.00 29,000 0 9,000 44,000 75,000 128,000 3.00 4.00 5.00 $ 5.00 0 $ 0 0 $ 0 $ 0 0 $

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Beginning Bal.
Purchasse
Jan-07	3000	3	9000	3000	3	9000
16-Feb	11000	4	44000	11000	4	44000
22-Mar	15000	5	75000	3000	5	15000	12000	5	60000
TOTAL	29000		128000	17000		68000	12000		60000
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Beginning Bal.
Purchasse
Jan-07	3000	3	9000				3000	3	9000
16-Feb	11000	4	44000	2000	4	8000	9000	4	36000
22-Mar	15000	5	75000	15000	5	75000
TOTAL	29000		128000	17000		83000	12000		45000
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Beginning Bal.
Purchasse
Jan-07	3000	3	9000
16-Feb	11000	4	44000
22-Mar	15000	5	75000
TOTAL	29000	4.41	128000	17000	4.41	74970	12000	4.41	53030
Req 2.
Gross Profits
			FIFO	LIFO	Average
Sales (17000*8)		136000	136000	136000
Less: Cost of goods sold	68000	83000	74970
Gross Profit		68000	53000	61030
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