Widget Tek Inc.'s original accountant accepted a position with another firm and left in earlyMarch. You have been asked to review the subsidiary inventory ledger record for Widget TekInc.'s main product for March. Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121, 125 Mar. 8 650 $98 $63, 700 Mar. 11 325 $98 $31, 850 Mar. 14 325 $98 $31,850 780 $103 $80, 340 Mar. 22 260 $98 $25, 480 Mar. 25 260 $98 $25, 480 1,900 $102$193,800 Study the inventory record for March and answer the questions that follow. 1.Assuming that the product sells for $150 and that 90% of sales are on account, determine thegross profit from sales for March. $fill in the blank 2. Making the same assumptions as in (1),determine the ending inventory cost for March. $fill in the blank 3. Which inventory method isbeing used?

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Description: Widget Tek Inc.'s original accountant accepted a position with another firm and left in earlyMarch. You have been asked to review the subsidiary inventory ledger record for Widget TekInc.'s main product for March. Inventory Date Quantity Unit Cost T

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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. 1 850 $98 $ 83,300 1, 275 $95 $121, 125 Mar. 8 650 $98 $63, 700 Mar. 11 325 $98 $31, 850 Mar. 14 325 $ 98 $31, 850 780 $103 $80, 340 Mar. 22 260 $98 $25, 480 Mar. 25 260 $98 $25, 480 1,900 $102

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. 1 850 $98 $ 83,300 1, 275 $95 $121, 125 Mar. 8 650 $98 $63, 700 Mar. 11 325 $98 $31, 850 Mar. 14 325 $ 98 $31, 850 780 $103 $80, 340 Mar. 22 260 $98 $25, 480 Mar. 25 260 $98 $25, 480 1,900 $102

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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