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 Total Cost Quantity Unit Cost Date $83,300 850 $98.00 Mar. 1 $121,125 1,275 $95.00 $98.00 $63,700 Mar. 8 650 $98.00 $31,850 325 Mar. 11 $31,850 325 $98.00 Mar. 14 $103.00 $80,340 780 $25,480 260 $98.00 Mar. 22 $98.00 $25,480 Mar. 25 260 $101.00 $181,800 1,800 The inventory schedule shows ending balances by date. The challenge is to determine purchases and cost of goods sold by on each date. Assume only one transaction was made to account for the difference. comparing the ending inventory balances Study the inventory record for March and answer the questions that follow 1. Assuming that the product sells for $170 and that 70% 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. S 3. Which inventory method is being used? Points: 0/3