Required information

Exercise $5-4A(Algo)$ Effect $of$ inventory cost flow $(FIFO,$ LIFO, and weighted average$)on$ gross margin $LO5-1$

$[The$ following information applies $to$ the questions displayed below.$]$

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

Beginning inventory $116$ units @ $$30$

Units purchased $358$ units @ $$45$

Ending inventory consisted $of42$ units. Mason sold $432$ units $at$ $$90$ each. All purchases and sales were made with cash. Operating expenses amounted $to$ $$3,375.$

Exercise $5-4A(Algo)$ 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. $(Roundcost$ per unit $to3$ decimal places

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