# Question & Answer: he following information pertains to Mason Company for 2016:…..

The following information pertains to Mason Company for 2016:

 Beginning inventory 96 units @ \$ 20 Units purchased 318 units @ \$ 30
 Ending inventory consisted of 32 units. Mason sold 382 units at \$60 each. All purchases and sales were made with cash. Operating expenses amounted to \$3,000 Don't use plagiarized sources. Get Your Custom Essay on Question & Answer: he following information pertains to Mason Company for 2016:….. GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS \$13/PAGE 1. 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.) 2. 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 answer and final answers to the nearest whole dollar amount.)

3. 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.)