The following information pertains to Mason Company for Year 2. Beginning inventory Units purchased 120 units @ $32 366 units @ $48 Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash. Operating expenses amounted to $3,450.
The following information pertains to Mason Company for Year 2. Beginning inventory Units purchased 120 units @ $32 366 units @ $48 Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash. Operating expenses amounted to $3,450.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
The following information pertains to Mason Company for Year 2.
120 units @ $32
366 units @ $48
Beginning inventory
Units purchased
Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash.
Operating expenses amounted to $3,450.
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75d8f333-11d1-4432-9a73-7a65f0b6a787%2Fda9c78a8-780b-4786-8217-4896c858fc74%2Fy2ty2gk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The following information pertains to Mason Company for Year 2.
120 units @ $32
366 units @ $48
Beginning inventory
Units purchased
Ending inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash.
Operating expenses amounted to $3,450.
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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Step 1: Definition of FIFO, LIFO and weighted average method
VIEWStep 2: Calculate the cost of goods sold under FIFO method
VIEWStep 3: Calculate the cost of goods sold under LIFO method
VIEWStep 4: Calculate the cost of goods sold under weighted average method
VIEWStep 5: Now calculate the net income
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