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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 144 units @ $ 44 414 units @ $ 66 Ending inventory consisted of 56 units. Mason sold 502 units at $132 each. All purchases and sales were made with cash. Operating expenses amounted to $3,900. 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