Exercise $5-19$A $($Algo$)$ Effect of inventory cost flow $($FIFO$,$ LIFO, and weighted average$)$ on gross margin LO $5-6$

The following information pertains to Mason Company for Year $2$:

Beginning inventory

Units purchased

$\backslash$table$[[90$ units @$]]$

Ending inventory consisted of $20$ units. Mason sold $370$ units at $$50$ each. All purchases and sales were made with cash. Operating expenses amounted to $$3,600.$

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.

Required $A$

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 $2$ decimal places and final answers to nearest whole dollar amount.

$\backslash$table$[[,$FIFO,L LIFO,$\backslash$table$[[$Weighted$],[$Average$]]],[$Gross margin,,,$]]$