Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,220 and the other, $1,510. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? Required information [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2 : 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. 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 nearest whole dollar amount. Required information [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: 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. 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. Required information [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2 : 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. 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