Required information Exercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average)...
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Required information 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 Units purchased TO units@ $ 22 326 units 333 Ending inventory consisted of 34 units. Mason sold 392 units at $66 each. All purchases and sales were made with cash Operating expenses amounted to $3,075 Exercise 5-4A (Algo) Parta Required o, Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO (2) LIFO and (3) weighted average. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.) Gross Margin FIFO LIFO Weighted average
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