Gregs Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2012:

Date	Transactions	Units	Cost per Unit	Total Cost
March 1	Beginning inventory	20	$200	$ 4,000
March 5	Sale ($300 each)	15
March 9	Purchase	10	220	2,200
March 17	Sale ($350 each)	8
March 22	Purchase	10	230	2,300
March 27	Sale ($375 each)	12
March 30	Purchase	8	250	2,000
				$10,500

Required:

1. Calculate ending inventory and cost of goods sold at March 31, 2012, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.