questions accounting

Study the inventory record for March and answer the questions that foilow. 1. Assuming that the product sells for $160 and that 80% of sales are on account, determine the gross prot from sales for March. 2. Making the same assumptions as in (1), determine the ending inventory cost for March. 3. Which inventory method is being used? Y FIFO LIFO Weighted average Widget Tek's original accountant accepted a position with another firm and left in early March. You have been asked to review the subsidiary inventorygg record for Widget Tek's main product for March. 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 ,600 100.00 150,000