Exercise 5-19A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 The following Information pertalns to Mason Company for Year 2: Ending Inventory consisted of 70 unlts. Mason sold 340 unlts at $148 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) welghted average. b. What Is the amount of net Income using FIFO, LIFO, and weighted average? (Ignore Income tax considerations.) c. Determine the cash flow from operating activitles, using each of the three cost flow assumptions IIsted In Requirement a. Ignore the effect of Income taxes. Complete this question by entering your answers in the tabs below. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes. Note: Enter cash outflows with a minus sign. Exercise 5-19A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 The following Information pertains to Mason Company for Year 2: Ending Inventory consisted of 70 unlts. Mason sold 340 unlts at $148 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. What is the amount of net Income using FIFO, LIFO, and weighted average? (lgnore Income tax considerations.) c. Determine the cash flow from operating activitles, using each of the three cost flow assumptions IIsted In Requirement a. Ignore the effect of Income taxes. Complete this question by entering your answers in the tabs below. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) Note: Round "Cost per unit" to 2 decimal places and final answers to the nearest whole dollar. Exercise 5-19A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 The following Information pertains to Mason Company for Year 2: Ending Inventory consisted of 70 unlts. Mason sold 340 unlts at $148 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. Required a. Compute the gross margin for Mason Company using the following cost flow assumptlons: (1) FIFO, (2) LIFO, and (3) welghted average. b. What is the amount of net Income using FIFO, LIFO, and weighted average? (Ignore Income tax considerations.) c. Determine the cash flow from operating activitles, using each of the three cost flow assumptions IIsted In Requirement a. Ignore the effect of Income taxes. Complete this question by entering your answers in the tabs below. 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 2 decimal places and final answers to nearest whole dollar amount