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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 inventory136 units Units
Required information The following information applies to the questions displayed below. The following information pertains to Mason Company for Year 2 Beginning inventory136 units Units purchased 40 398 units 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 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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