Widget Tek Inc.'s original accountant accepted a position with another firm and left in early March. You have be subsidiary inventory ledger record for Widget Tek Inc.'s main product for March. Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650 $98 $63,700 Mar. 11 325 $98 $31,850 Mar. 14. 325 $98 $31,850 780 $103 $80,340 Mar. 22 260 $98 $25,480 Mar. 25 260 $98 $25,480 1,500 $104 $156,000 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $155 and that 80% of sales are on account, determine the gross profit from 2. Making the same assumptions as in (1), determine the ending inventory cost for March. 3. Which inventory method is being used? LIFO