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[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				Unit Cost				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

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

2. Using FIFO, calculate ending inventory and cost of goods sold at March 31.