The following information pertains to Mason Company for Year 2: Ending inventory consisted of 100...
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The following information pertains to Mason Company for Year 2: Ending inventory consisted of 100 units. Mason sold 460 units at $146 each. All purchases and sales were made with cash. Operating expenses amounted to $2700. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) c. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes. Complete this question by entering your answers in the tabs below. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes. (Enter cash outflows with a minus sign.)
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