1. Assuming that the product sells for $150 and that 80% of sales are on account, determine the gross profit from sales for March.

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 invento 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 $31,850 Mar. 14 325 $98 780 $103 $80,340 Mar. 22 260 $98 $25,480 Mar. 25 260 598 $25,480 1,700 $101 $171,700 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $150 and that 80% of sales are on account determine the gross profit from sales for March