Gregs 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	Transactions	Units	Cost per Unit	Total Cost
March 1	Beginning inventory	20	$245	$	4,900
March 5	Sale ($390 each)	15
March 9	Purchase	10	265		2,650
March 17	Sale ($440 each)	8
March 22	Purchase	10	275		2,750
March 27	Sale ($465 each)	12
March 30	Purchase	8	295		2,360
				$	12,660

1.

Required information

Required:

1. Calculate ending inventory and cost of goods sold at March 31, 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.