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The following information pertains to Mason Company for Year 2. Beginning inventory 90 units @ $40 Units purchased 310 units @ $45 Ending inventory consisted
The following information pertains to Mason Company for Year 2.
Beginning inventory | 90 units @ $40 |
---|---|
Units purchased | 310 units @ $45 |
Ending inventory consisted of 30 units. Mason sold 370 units at $90 each. All purchases and sales were made with cash. Operating expenses amounted to $4,100.
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 final answers to the nearest whole dollar amount.)
\begin{tabular}{|l|l|} \hline & Net Income \\ \hline FIFO & \\ \hline LIFO & \\ \hline Weighted average & \\ \hline \end{tabular}
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