Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5)

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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.

DateTransactions UnitsUnit CostTotal CostMarch1Beginning inventory20$235$4,700March5Sale ($370 each)15March9Purchase102552,550March17Sale ($420 each)8March22Purchase102652,650March27Sale ($445 each)12March30Purchase92852,565$12,465

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.

rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026

Problem 6-2A Part 1

Required:

1.Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.