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 inventory108units@$26Units purchased342units@$39

Ending inventory consisted of 38 units. Mason sold 412 units at $78 each. All purchases and sales were made with cash. Operating expenses amounted to $3,225.

Exercise 5-4A (Algo) Part b

b.What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.)(Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount.)