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 Note: Round cost per unit to 3 decimal places and final answers to the necrest whole dollar amount. FIFO LIFO Weighted average Gross Margin 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 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 and other intermediate answers and final answers to the nearest whole dollar amount. FIFO LIFO Weighted average Net Income 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 c c. Compute the amount of ending inventory using (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. FIFO LIFO Weighted average Ending Inventory