Widget Tek Inc.$$s original accountant accepted a position with another firm and left in early March. You have been asked to review the subsidiary inventory ledger record for Widget Tek Inc.$$s main product for March.

Inventory

Date Quantity Unit Cost Total Cost

Mar. $1850$ $$98$ $$83,300$

$1,275$ $$95$ $$121,125$

Mar. $8650$ $$98$ $$63,700$

Mar. $11325$ $$98$ $$31,850$

Mar. $14325$ $$98$ $$31,850$

$780$ $$103$ $$80,340$

Mar. $22260$ $$98$ $$25,480$

Mar. $25260$ $$98$ $$25,480$

$1,900$ $$102$ $$193,800$

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. $fill in the blank

$2.$ Making the same assumptions as in $(1),$ determine the ending inventory cost for March. $fill in the blank

$3.$ Which inventory method is being used?