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The Following Information Is for Benitez Company for 2016

Question 48

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The following information is for Benitez Company for 2016:
Required: Assuming that Benitez uses the FIFO cost flow method,
a)How much product cost would be allocated to Cost of Goods Sold?
b)How much product cost would be allocated to Merchandise Inventory at the end of the year?
c)Calculate the average number of days to sell inventory for the year.
The following information is for Benitez Company for 2016: Required: Assuming that Benitez uses the FIFO cost flow method, a)How much product cost would be allocated to Cost of Goods Sold? b)How much product cost would be allocated to Merchandise Inventory at the end of the year? c)Calculate the average number of days to sell inventory for the year.

Correct Answer:

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a)Cost of Goods Sold = (300 * $25)+ (150...

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