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Required information [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2. Beginning inventory Units
Required information [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2. Beginning inventory Units purchased 108 units @ $26 342 units @ $39 Ending inventory consisted of 38 units. Mason sold 412 units at $78 each. All purchases and sales were made with cash. Operating expenses amounted to $3,225. 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.) Answer is complete but not entirely correct. Ending Inventory FIFO $ 1,482 LIFO $ 986 Weighted average $ 1,363
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