Inventory Records Widget tek tece conceptes pot Whether and the Tek nema proditor March Inventory Date: Quantity Unit Cost Total Cost Mart 850 590 $0,300 1.275 $95 $121,125 Mac 8 $63,700 Mar 11 25 590 $31.050 Moc 10 125 590 531,650 $105 $80,00 Mar 22 260 398 $25,00 Mat 25 260 598 $25,480 1.900 $100 $190,000 650 780 Study the inventory record for March and answer the questions that follow 1. Assuming that the product sells for $170 and that 70% of sales are account determine the gross profit frontales for March 2. Making the same assumptions asin(1), determine the ending inventory cost for March 3. Which inventory method is being used? Final Questions In conversation with the president of Widget Tek Inc. You have and that much of the componentory consis folder wie ek in dies. These older med sell for less than the newer Widget To Inc, models, but custom rool prefer the newer models. The company beves that there we of the older story is less that value in the subsidiary inventory leder Considering all of the dormation you have about widget Tekin, awer the following questions 1. To better account for the older inventory, the president of Widget Tek Ine wonders whether the inventory should be valid using different land. Do you agree, and why or why not? because 2. Will a change in inventory method increase company's net income on its financal statements? 3. When is inventory not valued at cost? Inventory Records 850 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 $98 $83,300 1,275 $95 $121,125 Mar. 8 650 598 $63,700 Mar. 11 325 598 $31,850 Mar, 14 325 $98 $31,850 780 $103 $80,340 Mar. 22 $98 $25,480 Mar. 25 260 598 $25,480 1,900 $100 $190,000 260 Study the inventory record for March and answer the questions that follow 1. Assuming that the product sells for $170 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