Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98.00 $83,300 1,275 $95.00 $121,125 Mar. 8 650 $98.00 $63,700 Mar. 11 325 $98.00 $31,850 Mar. 14 325 $98.00 $31,850 780 $103.00 $80,340 Mar. 22 260 $98.00 $25,480 Mar. 25 260 $98.00 $25,480 1,700 $99.00 $168,300 The inventory schedule shows ending balances by date. The challenge is to determine purchases and cost of goods sold by comparing the ending inventory balances on each date. Assume only one transaction was made to account for the difference. Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $150 and that 90% of sales are on account, determine the gross profit from sales for March. $ 2. Making the same assumptions as in (1), determine the ending inventory cost for March. $