Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

LIFO AND FIFO question answer ASAP, use table format, I will upvote the correct answer guaranteed. The following information pertains to Mason Company for Year

image text in transcribedimage text in transcribedimage text in transcribedLIFO AND FIFO question answer ASAP, use table format, I will upvote the correct answer guaranteed.

The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 150 units 400 units @ @ $80 $82 Ending inventory consisted of 80 units. Mason sold 470 units at $164 each. All purchases and sales were made with cash. Operating expenses amounted to $4300. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) c. Determine the cash flow from operating activities, using each the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes. Complete this question by entering your answers in the tabs below. Required A Required B Required C 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 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Weighted Average Gross margin The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 150 units 400 units @ @ $80 $82 Ending inventory consisted of 80 units. Mason sold 470 units at $164 each. All purchases and sales were made with cash. Operating expenses amounted to $4300. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) c. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes. Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) (Round "Cost per unit" to 2 decimal places and final answers to the nearest whole dollar.) FIFO LIFO Weighted Average Net income The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 150 units 400 units @ @ $80 $82 Ending inventory consisted of 80 units. Mason sold 470 units at $164 each. All purchases and sales were made with cash. Operating expenses amounted to $4300 Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) c. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes. (Enter cash outflows with a minus sign.) FIFO LIFO Weighted Average Cash flows from operating activities Cash inflow from customers Cash outflow for inventory and expense Net cash flow from operating activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: Jeff Madura, Hardeep Singh Gill

4th Canadian edition

134724712, 134724713, 9780134779782 , 978-0134724713

Students also viewed these Accounting questions