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 156 units @ $ 50 438 units @ $ 75 Ending inventory consisted of 62 units. Mason sold 532 units at $150 each. All purchases and sales were made with cash. Operating expenses amounted to $4,125. 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.) Gross Margin FIFO LIFO Weighted average ! 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 156 units @ $ 50 438 units @ $ 75 Ending inventory consisted of 62 units. Mason sold 532 units at $150 each. All purchases and sales were made with cash. Operating expenses amounted to $4,125. 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.) Net Income FIFO LIFO Weighted average ! 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 156 units @ $ 50 438 units @ $ 75 Ending inventory consisted of 62 units. Mason sold 532 units at $150 each. All purchases and sales were made with cash. Operating expenses amounted to $4,125. 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.) Ending Inventory FIFO LIFO Weighted average