Exercise 5 4A Algo Effect of inventory cost flow FIFO LIFO

Last updated: 3/5/2023

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 100 units 22 326 units 33 Ending Inventory consisted of 34 units Mason sold 392 units at 66 each All purchases and sales were made with cash Operating expenses amounted to 3 075 Exercise 5 4A Algo Part b What is the amount of net Income using FIFO LIFO and weighted average Ignore Income tax considerations Round cost pe unit to 3 decimal places and other Intermediate answers and final answers to the nearest whole dollar amount Net Income