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Required information 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 112 units @ $28 35e units @ $42 Ending inventory consisted of 40 units. Mason sold 422 units at $84 each. All purchases and sales were made with cash. Operating expenses amounted to $3,300. Exercise 54A (Algo) Part b b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) Note: Round cost per unit to 3 decimal places end other intermediate answers and final answers to the nearest whole dollar amount. LIFO Weighted average