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Compute the amount of ending inventory using FIFO

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Question - Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin

The following information pertains to Mason Company for Year 2:

Beginning inventory 108 units @$26

Units purchased 342 units @$39

Ending inventory consisted of 38 units. Mason sold 412 units at $78 each. All purchases and sales were made with cash. Operating expenses amounted to $3,225.

Required - Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average.

Reference no: EM132650267

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