Chapter 05 Practice Problems (Mandatory Homework) 1 Saved 4 Part 1 of 3 points eBook Required information Exercise 5-4A 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 164 units @ $54 454 units @ $ 81 Ending inventory consisted of 66 units. Mason sold 552 units at $162 each. All purchases and sales were made with cash. Operating expenses amounted to $4,275. Print References Exercise 5-4A Part a 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.) FIFO LIFO Weighted average Gross Margin 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 answers and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted average Net Income 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.) FIFO LIFO Weighted average Ending Inventory