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Exercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross...

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Accounting

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Exercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-1 The following information applies to the questions displayed below] The following information pertains to Mason Company for Year 2. Beginning inventory 128 units 9$36 Units purchased 382 units e $54 Ending inventory consisted of 48 units. Mason sold 462 units at $108 each. All purchases and sales were made with cash. Operating expenses amounted to $3,600. Exercise 5-4A (Algo) Part a Required 1. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted iverage. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.)

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