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 1,700 $99 $168,300 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $150 and that 85% 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? LIFO 193,780