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The following information applies to the questions displayed below. The following information pertains to Mason Company for 2016 Beginning inventory 128 units$36 Units purchased 382
The following information applies to the questions displayed below. The following information pertains to Mason Company for 2016 Beginning inventory 128 units$36 Units purchased 382 units$54 Ending inventory consisted of 48 units. Mason sold 462 units at $108 each. All purchases and sales were made with cash. Operating expenses amounted to $3,600 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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