Inventory Records Widget Tek Inc.'s onginal accountant accepted a position with another firm and left in carly 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 1 850 $95 $83,300 1.275 595 $121,125 Mar. 8 650 $98 $63,700 Mar. 11 325 $98 $31,850 Mar 16 325 598 $31,850 780 5103 $50,340 Mar. 22 260 $98 $25,480 Mar. 25 260 $98 $25,450 1,900 $102 $193,800 Study the inventory record for March and answer the questions that follow 1. Assuming that the product sells for $165 and that 75% 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? UFO