Question - The following information is for Benitez Company for 2016: Beginning Inventory: 300 units @ $25 Purchase April 8: 150 units @$30 Purchase Sept 12: 250 units @ $34 Sales: 590 units @ $50Required: 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.