Required information [The following information applies to the questions displayed below.] 39 The following information pertains to Mason Company for Year 2 d Beginning inventory Units purchased 140 units 406 units $42 $63 Ending inventory consisted of 54 units. Mason sold 492 units at $126 each. All purchases and sales were made with cash. Operating expenses amounted to $3,825. 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.) FIFO LIFO Weighted average Gross Margin < Prev 2 of 5 Next > Temps drop 2:56 AM 3/13/2023 The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash Beginning inventory Common stock Retained earnings $16,400 17,630 (205 @ $86) 14,800 19,230 The following five transactions occurred in Year 3: 1. First purchase (cash): 120 units @ $88 2. Second purchase (cash): 200 units @ $96 3. Sales (all cash): 355 units $195 4. Paid $15,350 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method. b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements) b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) b-3. Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) < Prev 4 of 5 Next > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req 83 Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted- average cost flow. Compute the income tax expense for each method. (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO LIFO Weighted Average 4. Req A Req B1 Req B2 Req B3 03:01.10 Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) (Do not round intermediate calculations. Round your answers to nearest whole dollar amount.) Salaries expense Income before tax WALL'S CHINA SHOP Income Statements For the Year Ended December 31 Year 3 FIFO LIFO Weighted Average 0 C