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The following information pertains to Mason Company for Year 2 : Beginning inventory 1 4 0 units @ $ 4 0 Units purchased 2 9
The following information pertains to Mason Company for Year :
Beginning inventory units @ $
Units purchased units @ $
Ending inventory consisted of units. Mason sold units at $ each. All purchases and sales were made with cash. Operating expenses amounted to $
Required
Compute the gross margin for Mason Company using the following cost flow assumptions:
FIFO
LIFO and
weighted average
b What is the amount of net income using FIFO, LIFO, and weighted average? Ignore income tax considerations.
c Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a Ignore the effect of income taxes.
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