Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Only need part C:) The following information pertains to Mason Company for Year 2 Beginning inventory Units purchased 120 units 340 units $40 542 Ending
Only need part C:)
The following information pertains to Mason Company for Year 2 Beginning inventory Units purchased 120 units 340 units $40 542 Ending inventory consisted of 80 units. Mason sold 380 units at 584 each All purchases and sales were made with cash Operating expenses amounted to $4200 Required o. Compute the gross margin for Mason Company using the following cost flow assumptions (1) FIFO (2) UFO, 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 Requirementa Ignore the effect of income taxes Ending inventory consisted of 80 units. Mason sold 380 units at $84 each. All purchase expenses amounted to $4200. Required a. Compute the gross margin for Mason Company using the following cost flow assump average. b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore in c. Determine the cash flow from operating activities, using each of the three cost flow as effect of income taxes. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the cash flow from operating activities, using each of the three cost flow assumpti- 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 $ 31,920 $ 31,920 $ 31,920 (23,280) (23,280) (23,280) $ 8.640 $ 8,640 X $ 8,640 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started