[The following information applies to the questions displayed below.] The following information pertains to Mason...
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[The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: Beginning inventory 96 units @ $ 20 Units purchased 318 units @ $ 30 Ending inventory consisted of 32 units. Mason sold 382 units at $60 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. Required a. 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.) 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.)
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