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The following information pertains to Mason Company for Year 2 : Ending inventory consisted of 8 0 units. Mason sold 4 7 0 units at
The following information pertains to Mason Company for Year :
Ending inventory consisted of units. Mason sold units at $ each. All purchases and sales were made with cash. Operating
expenses amounted to $
Required
a 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.
Complete this question by entering your answers in the tabs below.
Compute the gross margin for Mason Company using the following cost flow assumptions: FIFO, LIFO, and
weighted average. Round "Cost per unit" to decimal places and final answers to nearest whole dollar amount.
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