5-1 [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: 96 units @ $20 318 units @ $30 Beginning inventory Units purchased 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. Exercise 5-4A (Algo) Part c c. Compute the amount of ending inventory using (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. FIFO LIFO Weighted average Ending Inventory

5-1 [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: 96 units @ $20 318 units @ $30 Beginning inventory Units purchased 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. Exercise 5-4A (Algo) Part c c. Compute the amount of ending inventory using (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. FIFO LIFO Weighted average Ending Inventory

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Description: Required informationExercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO5-1[The following information applies to the questions displayed below.]The following information pertains to Mason Company f

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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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
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.
Exercise 5-4A (Algo) Part c
96 units @ $20
318 units @ $30
c. Compute the amount of ending inventory using (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.
FIFO
LIFO
Weighted average
Ending Inventory

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