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! Required information Exercise 5-4A 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 144 units @ $ 44 414 units @ $ 66 Ending inventory consisted of 56 units. Mason sold 502 units at $132 each. All purchases and sales were made with cash. Operating expenses amounted to $3,900. Exercise 5-4A Part a Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and average. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.) weighted Gross Margin FIFO LIFO Weighted average