Required

1. 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.)
2. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.)

Required information [The following information applies to the questions displayed below.] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 90 units 380 units @ @ $70 $72 Ending inventory consisted of 60 units. Mason sold 410 units at $144 each. All purchases and sales were made with cash. Operating expenses amounted to $2900. Required a. 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 b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) FIFO LIFO Weighted Average Net income