using LIFO

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. Unit Cost $250 Total Cost $ 5,000 270 2,700 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($400 each) Purchase Sale ($450 each) Purchase Sale $475 each) Purchase Units 20 15 10 8 10 12 9 280 2,800 300 2,700 $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 Cost of goods sold