Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2012:Date Transactions Units Cost per Unit Total CostMarch 1 Beginning inventory 20 $200 $4,000March 5 Sale ($300 each) 15March 9 Purchase 10 220 2,200March 17 Sale ($350 each) 8March 22 Purchase 10 230 2,300March 27 Sale ($375 each) 12March 30 Purchase 8 250 2,000$10,50016.value:

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  1. Calculate ending inventory and cost of goods sold at March 31, 2012, 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.(Omit the “$” sign in your response.)

Ending inventory $
Cost of goods sold $

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