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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 ...Get Instant Access to Expert-Tailored Solutions
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