Required information

Exercise $5-4$A $($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 $2.$

Ending inventory consisted of $38$ units. Mason sold $412$ units at $$78$ each. All purchases and sales were

made with cash. Operating expenses amounted to $$3,225.$