Wiper Teongmal accountant accepted a postion with another Sm and left in early March. You have been asked to review the subsidiarytory edger recond for opet in main product for Manh Inventory Dete Quantity Unit Cost Total Cost Mar 1 850 $98.00 $83,300 1.275 $35.00 $121,125 Mar 8 050 500.00 $3,700 Mar 11 325 $00.00 $31,050 Mar 14 325 $00.00 $31,850 780 $103.00 $80.340 Mar 22 200 $90.00 325,400 Mar 25 260 $90.00 $25.480 1,700 $99.00 $168,300 The inventory schedule shows ending balances by date. The challenge is to determine purchases and cost of goods sold by comparing the ending inventory balances on each date Study the inventory record for March and answer the questions that follow 1. Assuming that the product sells for $150 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 $53.535.00 X $53,535.00 X 3. Which inventory method is being used? LIFO made is account the affec Ports 11/3