Question
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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