\"Specific cost method information is missing\"- thank you for the response, so

Question

"Specific cost method information is missing"- thank you for the response, so does this mean the question can not be solved? This is all the information that was given to me.

[The following information applies to the questions displayed below,] Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Units 20 15 10 8 10 12 Cost per $250 270 280 Transactions Unit Total Cost Beginning inventory Sale ($400 each) Purchase Sale ($450 each) Purchase Sale ($475 each) Purchase $ 5,000 2,700 2,800 2,700 $ 13,200 300

Explanation / Answer

3 Ending inventory using LIFO Total purcahse less total sales= +20+10+10+9-15-8-12 14 In LIFO methos, the product which was puchased earlier will be in inventory, Hence here 14 units will belongs to opening inventory i.e. 14 units*250==+14*250 Closing stock 3500 Cost of goods sold = Total units sold * its cost per unit = 44 units * its unit cost = or total cost less closing stock 9700 4 Weighted average= Average cost= total cost/ number of units = 13200/49 269.3878 Closing inventory= 14 units*269.39                 =14*269.39 3771.46 Cost of goods sold= total units sold * average cost * = 44*269.39 11853.16

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