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The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 152 units @ $48 430 units @ $72 Ending inventory
The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 152 units @ $48 430 units @ $72 Ending inventory consisted of 60 units. Mason sold 522 units at $144 each. All purchases and sales were made with cash. Operating expenses amounted to $4,050. b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) Note: Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount. FIFO LIFO Weighted average Net Income
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1 FIFO COGS 37584 Net income 522 144 37584 4050 75408 37584 4050 33774 2 LIFO ...Get Instant Access to Expert-Tailored Solutions
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