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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 : \begin{tabular}{ll} Beginning inventory & 120 units e $32 \\ Units purchased & 366 units e $48 \end{tabular} Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash. Operating expenses amounted to $3,450. Exercise 5-4A (Algo) Part c c. Compute the amount of ending inventory using (1) FIFO, (2) UFO, and (3) weighted average. Note: Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount. [The following information applies to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: During the year, The Shirt Shop sold 620 T-shirts for $17 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 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 120 units e $32 366 units o $48 Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash. Operating expenses amounted to $3,450. Exercise 5.4A (Algo) Part b b. What is the amount of net income using FFO, LIFO, and weighted average? (lgnore income tax considerations) Note: Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount. 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: Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash. Operating expenses amounted to $3,450. Exercise 5-4A (Algo) Part a Required . Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount. The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: During the year, The Shirt Shop sold 620 T-shirts for $17 each. Exercise 5-5 (Algo) Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount