Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-8)

[The following information applies to the questions displayed below.] 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	$210	$	4,200
March 5	Sale ($320 each)	15
March 9	Purchase	10	230		2,300
March 17	Sale ($370 each)	8
March 22	Purchase	10	240		2,400
March 27	Sale ($395 each)	12
March 30	Purchase	7	260		1,820
				$	10,720

Section BreakProblem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods

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.

Ending inventory
Cost of goods sold