Required information [The following information applies to the questions displayed below.] Greg's 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. Transactions Beginning inventory Sale ($300 each) Purchase Date March 1 Units 20 Unit Cost Total Cost $200 $ 4,000 March 5 15 March 9 10 220 2,200 March 17 March 22 Sale ($350 each) Purchase 8 10 230 2,300 March 27 March 30 Sale ($375 each) Purchase 12 8 250 2,000 $10,500 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. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory $ 2,850 Cost of goods sold $ 7,400