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The following information pertains to Mason Company for Year 2. Beginning inventory Units purchased 160 units @ $52 446 units @ $78 Ending inventory

The following information pertains to Mason Company for Year 2. Beginning inventory Units purchased 160 units @ $52 446 units @ $78 Ending inventory consisted of 64 units. Mason sold 542 units at $156 each. All purchases and sales were made with cash. Operating expenses amounted to $4,200. b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) (Round cost per unit to 3 decimal places and other Intermediate answers and final answers to the nearest whole dollar amount.) Net Income FIFO LIFO $ 42.238 $ 40.572 Weighted average

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Answer To calculate the net income using FIFO LIFO and weighted average methods we need to first calculate the cost of goods sold COGS for each method ... blur-text-image

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