Required information Exercise 5-4A 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 96 units @ $20 318 units 530 Ending inventory consisted of 32 units. Mason sold 382 units at $60 each. All purchases and sales were made with cash Operating expenses amounted to $3.000 TURGU Exercise 5-4A 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