Gregs Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2015. Greg's Bicycle Shop uses a periodic inventory system.

2.	Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

Ending inventory in dollars:

Cost of goods sold in dollars:

3.	Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

Ending inventory in dollars:

Cost of goods sold in dollars:

Cost per Unit Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Total Cost Beginning inventory Sale ($370 each) Purchase Sale ($420 each) Purchase Sale ($445 each) Purchase 20 15 10 8 10 12 $235$ 4,700 2,550 2,650 2,565 $12,465 255 265 285