Beginning inventory	152	units	@	$	48
Units purchased	430	units	@	$	72

Ending inventory consisted of 60 units. Mason sold 522 units at $144 each. All purchases and sales were made with cash. Operating expenses amounted to $4,050.

References

Section BreakExercise 5-4A Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-1

2.

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.)

Exercise 5-4A Part aLearning Objective: 05-01 Determine the amount of cost of goods sold and ending inventory using the specific identification, FIFO, LIFO, and weighted average cost flow methods.

Exercise 5-4A Part b

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 answer and final answers to the nearest whole dollar amount.)

Exercise 5-4A Part bLearning Objective: 05-01 Determine the amount of cost of goods sold and ending inventory using the specific identification, FIFO, LIFO, and weighted average cost flow methods.

Exercise 5-4A Part c

c.	Compute the amount of ending inventory using (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.)