nventory methods (LO6-3, 6-4, 6-5)

[The following information applies to the questions displayed below.]

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

DateTransactionsUnitsUnit CostTotal CostMarch1Beginning inventory20$250$5,000March5Sale ($400 each)15March9Purchase102702,700March17Sale ($450 each)8March22Purchase102802,800March27Sale ($475 each)12March30Purchase93002,700$13,200

For 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.

3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory S 3,050 Cost of goods sold 9,250