Required information Exercise 5-19 Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 [The following information applies to the questions displayed below. The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 140 units $60 430 units $62 Ending inventory consisted of 60 units. Mason sold 510 units at $124 each. All purchases and sales were made with cash. Operating expenses amounted to $3700 Exercise 5-19 Part b b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) LIFO Weighted Average FIFO Net income