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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 140 units

Required information

[The following information applies to the questions displayed below.]

The following information pertains to Mason Company for Year 2:

Beginning inventory 140 units @ $ 42
Units purchased 406 units @ $ 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.

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.)

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