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HELP PLEASE!!! I just need the correct answers I need it in 30 min please!! Required information Exercise 5-4A (Algo) Effect of inventory cost flow
HELP PLEASE!!! I just need the correct answers I need it in 30 min please!!
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 164 units @ $ 54 454 units @ $ 81 Ending inventory consisted of 66 units. Mason sold 552 units at $162 each. All purchases and sales were made with cash. Operating expenses amounted to $4,275 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. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.) Gross Margin $ 50,244 FIFO LIFO Weighted averago 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.) Net Income FIFO LIFO Weighted average Exercise 5-4A (Algo) Part C. Compute the amount of ending inventory using (1) FIFO. (2) LIFO, and (3) weighted average. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount) Ending Inventory FIFO LIFO Weighted average Step by Step Solution
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