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 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
