The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 150 units 400 units @ @ $30 $34 Ending Inventory consisted of 100 units. Mason sold 450 units at $68 each. All purchases and sales were made with cash Operating expenses amounted to $2600. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO.(2) LIFO, and (3) 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. Required A Required B Required Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) UFO, and (3) weighted average. (Round "Cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) LIFO Weighted Average Gross margin FIFO FA Required B The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 150 units 400 units $30 $34 Ending Inventory consisted of 100 units. Mason sold 450 units at $68 each. All purchases and sales were made with cash. Operating expenses amounted to $2600 Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO (2) LIFO, and (3) welghted 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. Required A Required B Required What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) (Round "Cost: per unit to 2 decimal places and final answers to the nearest whole dottar.) FIFO Weighted LIFO Average Net incomo Required A Required c> The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 150 units 400 units @ @ $30 $34 Ending inventory consisted of 100 units. Mason sold 450 units at $68 each. All purchases and sales were made with cash Operating expenses amounted to $2600. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO (2) LIFO, and (3) 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. Required A Required B Required d 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, (Enter cash outflows with a minus sign.) FIFO LIFO Weighted Average Cash flows from operating activities Cash inflow from customers $ 30,600 $ 30,000 $ 30,600 Cash outflow for inventory and expenso Not cash flow from operating activities $ 14,400 $ 14,400 s 14.400 Required B
