Saved Help Save & Exit Check 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 90 units @ $40 310 units $45 Ending inventory consisted of 30 units. Mason sold 370 units at $90 each, All purchases and sales were made with cash. Operating expenses amounted to $4100. Exercise 5-4A Parta 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 Preu 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 90 units $40 310 units 545 Ending inventory consisted of 30 units. Mason sold 370 units at $90 each. All purchases ond sales were made with cash. Operating expenses amounted to $4100. 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 final answers to the nearest whole dollar amount.) Net Income FIFO LIFO Weighted average