Widget Tek's original accountant accepted a position with another firm and left in early March. You have been asked to review the record for Widget Tek's main product for March. Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $170 and that 80% 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. X 3. Which inventory method is being used? Points: Feedback Check My Work 1. Identify units sold and consider inventory layers. 2. Review the data available to you in the inventory record. 3. Look closely at the changes in inventory. Review Exhibit 2