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Chapter 6: Inventory and cost of Goods Sold Help Save & Exit Check 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 Units Unit Cost $175 Total Cont 1,500 195 1,950 March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Deginning inventory Sale $250 each) Purchase Sale (100 each) Purchase Sale (5325 each) Purchase 205 2.050 1.800 59,300 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 invertory Cost of goods sold