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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 172 units $50 470 units 587 es Ending Inventory consisted of 70 units. Mason sold 572 units at $174 each. All purchases and sales were made with cash Operating expenses amounted to $4,425 Exercise 5-4A (Algo) Parta Required a. Compute the gross margin for Mason Company using the following cost flow assumptions() 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 LIFO Weighted averago 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