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C Secure Ihttpsijnewconnect. mheducation.com/flow/connect.html Help Save& Exit Sub 0 7 Required information The following information applies to the questions displayed below. The following information pertains to Mason Company for 2018 Usisa parchased 320 unita$22 Ending inventory consisted of 60 u ts. Malo sold 400 units at $44 each A" purchases and sales were made with cash. Operating expenses amounted to $3500. Required Compute the gross margin for Mason Company using the folowing cost fow assumptions:() FiFO, (2) LIFO, and (3) weighted average. (Round "Cost per unit" to 2 decimal places and final a answers to nearest whole dollar amount.) Gross margin MacBook Air

Explanation / Answer

a FIFO LIFO Weighted average Gross margin 9080 8960 9044 Calculations: Units Unit cost Total Beg. Inv. 140 20 2800 Units purchased 320 22 7040 Total 460 9840 Average cost = 9840/460 = $21.39 Total sales = 400*44= $17600 FIFO: Sales 17600 Less: Cost of goods sold 8520 =(140*20)+(260*22) Gross margin 9080 LIFO: Sales 17600 Less: Cost of goods sold 8640 =(320*22)+(80*20) Gross margin 8960 Weighted average: Sales 17600 Less: Cost of goods sold 8556 =400*21.39 Gross margin 9044

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