es The following information pertains to Mason Company for Year 2: Beginning inventory 110 units @ 300 units @ $60 $64 Units purchased Ending inventory consisted of 80 units. Mason sold 330 units at $128 each. All purchases and sales were made with cash. Operating expenses amounted to $4,500. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO (2) LIFO and (3) weighted average b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) c. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes.

es The following information pertains to Mason Company for Year 2: Beginning inventory 110 units @ 300 units @ $60 $64 Units purchased Ending inventory consisted of 80 units. Mason sold 330 units at $128 each. All purchases and sales were made with cash. Operating expenses amounted to $4,500. Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO (2) LIFO and (3) weighted average b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) c. Determine the cash flow from operating activities, using each of the three cost flow assumptions listed in Requirement a. Ignore the effect of income taxes.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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