Answer Happy

Exercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-1 [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 152 units @ $ 48 430 units @ $72 Ending inventory consisted of 60 units. Mason sold 522 units at $144 each. All purchases and sales were made with cash. Operating expenses amounted to $4,050. Exercise 5-4A (Algo) Part a Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO. (2) LIFO, and (3) weighted average. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.) Gross Margin FIFO LIFO Weighted average
Exercise 5-4A (Algo) Part b b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) ( unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount.) Net Income FIFO LIFO Weighted average
c. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average. (Roun places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average