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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 purchased

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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 purchased 136 units @ 398 units @ $40 $60 Ending inventory consisted of 52 units. Mason sold 482 units at $120 each. All purchases and sales were made with cash Operating expenses amounted to $3,750. 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 (The following information applies to the questions displayed below) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 420 units 58 - $3,360 220 units 5 10 2,200 300 units @ $13 - 3,900 110 units @ $ 15 - 1,650 During the year, The Shirt Shop sold 870 T-shirts for $24 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO. (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 420 units @ $ 8 - 220 units @ $ 10 - 300 units @ $ 13 - 110 units @ $ 15 - $3,360 2,200 3,9ee 1,650 During the year, The Shirt Shop sold 870 T-shirts for $24 each C. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Difference in gross margin between the FIFO and LIFO cost flow assumptions

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