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 144 units @ $ 44 414 units @ $ 66 Ending inventory consisted of 56 units. Mason sold 502 units at $132 each. All purchases and sales were made with cash. Operating expenses amounted to $3,900. Exercise 5-4A (Algo) Part a 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 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 144 units @ $ 44 414 units @ $ 66 Ending inventory consisted of 56 units. Mason sold 502 units at $132 each. All purchases and sales were made with cash. Operating expenses amounted to $3,900. 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 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 144 units @ $ 44 414 units @ $ 66 Ending inventory consisted of 56 units. Mason sold 502 units at $132 each. All purchases and sales were made with cash. Operating expenses amounted to $3,900. 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