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1 Part 1 of 3 Required information Exercise 5-4A (Algo) Effect of...

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Accounting

1
Part 1 of 3
Required information
Exercise 5-4A (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
Units purchased
124 units @ $34
374 units @ $51
Ending inventory consisted of 46 units. Mason sold 452 units at $102 each. All purchases and sales were made with cash. Operating expenses amounted to $3,525.
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.
Note: Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.
\table[[,Gross Margin],[FIFO,],[LIFO,],[Weighted average,]]
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