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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
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 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
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