Inventory Records Widget Tek'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's main product for March:
Date Quantity Unit Cost Total Cost
Mar. 1 850 $98.00 $83,300
1,275 $95.00 $121,125
Mar. 8 650 $98.00 $63,700
Mar. 11 325 $98.00 $31,850
Mar. 14 325 $98.00 $31,850
780 $103.00 $80,340
Mar. 22 260 $98.00 $25,480
Mar. 25 260 $98.00 $25,480
1,900 $100.00 $190,000
Study the inventory record for March and answer the questions that follow.
a. Assuming that the product sells for $170 and that 80% of sales are on account, determine the gross profit from sales for March.
b. Making the same assumptions as in (1), determine the ending inventory cost for March.
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