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Required information

Exercise $5-4$A $($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

Beginning inven

Units purchased

$132$ units @ $$38$

$390$

units

@ $$38$

$$57$

Ending inventory consisted of $50$ units. Mason sold $472$ units at $$114$ each. All purchases and sales were made with cash. Operating expenses amounted to $$3,675.$

Exercise $5-4$A $($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. $($Round cost per unit to $3$ decimal places and final answers to the nearest whole dollar amount.$)$

$\backslash$table$[[,$Gross Margin$],[$FIFO$,],[$LIFO$,],[$Weighted average,$]]$