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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 96 units @ $20 318 units @ $ 30 Ending inventory consisted of 32 units. Mason sold 382 units at $60 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. 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.) Gross Margin FIFO LIFO Weighted average 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 96 units $20 318 units # $ 30 Ending inventory consisted of 32 units. Mason sold 382 units at $60 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. 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 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 96 units # $ 20 318 units $30 Ending inventory consisted of 32 units. Mason sold 382 units at $60 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000 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.) Ending Inventory FIFO LIFO Weighted average

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