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Date Inventory Quantity Unit Cost Total Cost Mar. 1 850 $98.00 $83,300 1,275 95.00 121,125 Mar. 8 650 98.00 63,700 Mar. 11 325 98.00 31,850

Date

Inventory

Quantity

Unit Cost

Total Cost

Mar. 1 850 $98.00 $83,300
1,275 95.00 121,125
Mar. 8 650 98.00 63,700
Mar. 11 325 98.00 31,850
Mar. 14 325 98.00 31,850
780 103.00 80,340
Mar. 22 260 98.00 25,480
Mar. 25 260 98.00 25,480
1,600 99.00 158,400

Study the inventory record for March and answer the questions that follow.

1. Assuming that the product sells for $165 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.
3. Which inventory method is being used?

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