Shaded on have 1000DOCK Changing Prices You work for a CPA firm that has been hired by Widget Tok, a merchandising company that is getting ready to expand. The president of Widget Tok in concerned with obtaining a loan for the expansion and wants to be sure that all the financial statements acourately reflect the company's accounting records. As preparation for this assignment, you have been asked to review the effects of changing prices on throe Inventory conting methods: UFO EIRO, and we had averen identity the sonarios and inventory methods that result in the highest and lowest vinkona for each nom stod Enter Highest: Lowest", or ove the box blank Cost of Merchandise Sold Ending Merchandise Inventory Net Income FIFO, when prices are talling FIFO, when prices are rising LIFO, when prices are rising Weighted average, when prices are rising Weighted average, when prices are falling LIFO, when prices are falling Paints: 6/18 Shaded cols have feedback Shaded cols have feedback Unit Cost Inventory Records Date Quantity Mar. 1 850 1.275 $98.00 Total Cost 583,300 121.125 95.00 Mar 650 98.00 63,700 Mar 11 325 98.00 31.850 Mar. 14 325 31.850 98.00 103.00 780 80.340 25,480 Mar. 22 200 98.00 Mar 25 260 88.00 25,480 1,500 100.00 160,000 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $160 and that 80% of sales are on account determine the gross profit from sales for March. S 2. Making the same assumptions as in (1), determine the ending inventory cost for March