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Part $1$ of $3$

Required information

Exercise $5-4$A $($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

$124$ units @ $$34$

$374$ units @ $$51$

Ending inventory consisted of $46$ units. Mason sold $452$ units at $$102$ each. All purchases and sales were made with cash. Operating expenses amounted to $$3,525.$

Exercise $5-4$A $($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.

Note: Round cost per unit to $3$ decimal places and final answers to the nearest whole dollar amount.

$\backslash$table$[[,$Gross Margin$],[$FIFO$,],[$LIFO$,],[$Weighted average,$]]$