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 46 units. Mason sold 452 units at $102 each. All purchases and sales were made with cash. Operating expenses amounted to $3,525. 124 units @ $34 374 units @ $51 b. 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 answers and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted average Net Income

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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.