Question
Required information Skip to question [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: Beginning
Required information
Skip to question
[The following information applies to the questions displayed below.]
The following information pertains to Mason Company for Year 2:
Beginning inventory | 120 | units | @ | $ | 32 | |
Units purchased | 366 | units | @ | $ | 48 | |
Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash. Operating expenses amounted to $3,450.
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.)
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.)
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