Inventory Records Widget Tek Inc.'s original accountant accepted a position with another firm and left...
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Inventory Records 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. 1 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 2,000 $104 $208,000 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $170 and that 75% of sales are on account, determine the gross profit from sales for March. 190,365 2. Making the same assumptions as in (1), determine the ending inventory cost for March. $ 3. Which inventory method is being used? LIFO
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