ACC + Insert Home Formulas Data View Page Layout Review File Acrobat XCA Arial 10 -A A I Wrap Tent General Copy Conditional 298 Paste BTU- A. + H Meige Center $. % Format Painte Formatting Chipboard Font Alignment Number A1 X (a) Compute the gross margin for Mason Company using the following cost flow assumptions: D E F 1 (a) Compute the gross margin for Mason Company using the following cost flow assumptions: FIFO and Weighted Average 2 3 4 FIFO Sales 5 6 Cost of Goods Sold 7 From Beginning In 8 From Purchases 9 10 Gross Margin 11 12 13 14 Weighted Average Sales 15 16 Cost of Goods Sold 17 Average Cost per Unit 18 19 Gross Margin 20 21 22 23 24 (b) What is the amount of net income using FIFO and weighted average? (gnore income tax considerations.) 25 26 FIFO Weighted Average 27 Sales 28 Cost of Goods Sold 29 Gross Margin 30 31 Operating Expenses 32 33 Net Income 34 35 (c) Compute the amount of ending inventory using FIFO and weighted average 36 37 Ending Inventory 38 FIFO 39 Weighted Average 40 41 42 43 44 45 46 E5-4A (FIFO & WA) E5-6A (FIFO) Ready Type here to search 37 P] Exercise 5-4A Effect of inventory cost flow (FIFO, LIFO, and weighted average) Accounting for Inventories on gross margin The following information pertains to Mason Company for 2016: LO 5-1 Beginning inventory Units purchased 90 units @ $40 310 units $45 Ending inventory consisted of 30 units. Mason sold 370 units at $90 each. All purchases and sales were made with cash. Operating expenses amounted to $4,100. Required 2. 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. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average