Question
The following information pertains to Mason Company for Year 2. Beginning inventory 140 units @ $42 Units purchased 406 units @ $63 Ending inventory consisted
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?
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Value Based Management For Accounts Receivable
Authors: Kimberly Don Ketron
1505911184, 978-1505911183
