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Hi, please give me the CORRECT answers!! thank you so much!!! Required information Exercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted
Hi, please give me the CORRECT answers!! thank you so much!!!
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 168 units 556 462 unita $84 K Ending Inventory consisted of 68 units. Mason sold 562 units at $168 each. All purchases and sales were made with cash Operating expenses amounted to $4,350. + 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 FIFO 5.712 LIFO Weighted average 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 Required information Exercise 5-5 (Algo) Effect of Inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below) The Shirt Shop hod the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 400 unit @ $ 4 - $1,600 90 units # $5 450 250 units $7 - 1,750 60 units $9- 540 During the year, The Shirt Shop sold 650 T-shirts for $14 each Exercise 5-5 (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Ending Inventory Exercise 5-5 (Algo) Part 6 b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. FIFO LIFO Difference Gross margin Step by Step Solution
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