Required information Required information

$[$The following information applies to the questions displayed below.$]$

The following information pertains to Mason Company for Year $2$:

Beginning inventory

$128$ units @ $$36$

Units purchased

$382$ units @ $$54$

Ending inventory consisted of $48$ units. Mason sold $462$ units at $$108$ each. All purchases and sales were

made with cash. Operating expenses amounted to $$3,600.$

b$.$ What is the amount of net income using FIFO, LIFO, and weighted average? $($Ignore 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. $!$

Required information

$[$The following information applies to the questions displayed below.$]$

The following information pertains to Mason Company for Year $2$:

Beginning inventory

$128$ units @ $$36$

Units purchased

$382$ units @ $$54$

Ending inventory consisted of $48$ units. Mason sold $462$ units at $$108$ each. All purchases and sales were

made with cash. Operating expenses amounted to $$3,600.$

Required

a$.$ Compute the gross margin for Mason Company using the following cost flow assumptions: $(1)$ FIFO, $(2)$ LIFO, and $(3)$ weighted

average.

Note: Round cost per unit to $3$ decimal places and final answers to the nearest whole dollar amount.

$[$The following information applies to the questions displayed below.$]$

The following information pertains to Mason Company for Year $2$:

Beginning inventory

$128$ units @ $$36$

Units purchased

$382$ units @ $$54$

Ending inventory consisted of $48$ units. Mason sold $462$ units at $$108$ each. All purchases and sales were

made with cash. Operating expenses amounted to $$3,600.$

c$.$ Compute the amount of ending inventory using $(1)$ FIFO, $(2)$ LIFO, and $(3)$ weighted average.

Note: Round cost per unit to $3$ decimal places and final answers to the nearest whole dollar amount.