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What is the amount of net income using FIFO

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Reference no: EM132650263

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 - What is the amount of net income using FIFO, LIFO, and weighted average?

Reference no: EM132650263

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