Required Information [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 70 units. Mason sold 572 units at $174 each. All purchases and sales were made with cash. Operating expenses amounted to $4,425. 172 units @ $58 470 units @ $87 c. 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.) FIFO LIFO Weighted average Ending Inventory
Required Information [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 70 units. Mason sold 572 units at $174 each. All purchases and sales were made with cash. Operating expenses amounted to $4,425. 172 units @ $58 470 units @ $87 c. 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.) FIFO LIFO Weighted average Ending Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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gohil sanjay
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.)
The following information pertains to Mason Company for Year 2.
Beginning inventory
Units purchased
172 units @ $58
470 units @ $87
Ending inventory consisted of 70 units. Mason sold 572 units at $174 each. All purchases and sales were made with cash.
Operating expenses amounted to $4,425.
c. 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.)
FIFO
LIFO
Weighted average
Ending Inventory
Check my we
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