Required information Exercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross morgin 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 136 units @ 540 398 units @ 560 Ending inventory consisted of 52 units. Mason sold 482 units at $120 each. All purchases and sales were made with cash Operating expenses amounted to $3,750, Exercise 5-4A (Algo) Parta 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 3 decimal places and final answers to the nearest whole dollar amount.) Gross Margin FIFO LIFO Weighted average O Required information Exercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross morgin 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 136 units S 40 398 units @ $ 60 Ending inventory consisted of 52 units. Mason sold 482 units at $120 each. All purchases and sales were made with cash Operating expenses amounted to $3750 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 0 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 136 units @ $ 40 398 units @ $60 Ending inventory consisted of 52 units Mason sold 482 units at $120 each All purchases and sales were made with cash Operating expenses amounted to $3,750. 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