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 applles to the questions displayed below] The following information pertains to Mason Company for Year 2: Deginning inventery 104 units 1$24 Unita purehased 334 unite &$36 Ending inventory consisted of 36 units. Mason sold 402 units at $72 each. All purchases and sales were made with cash. Operating expenses amounted to $3,150 Exercise 5-4A (Algo) Part b b. What is the amount of net income using FIFO, LIFO, and weighted average? (lgnore income tax considerations) Note: Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount