The following information is for Benitez Company for the current year:
$\begin{array}{ll}
\text { Beginning inventory }& 300 \text { units @ } \$ 25 \
\text { Purchase April } 8 &150 \text { units }@ \$ 30 \
\text { Purchase September } 12 & 250 \text { units @ } \$ 34 \
\text { Sales } &590 \text { units @ }\$50 \
\end{array}$
Required:Assuming that Benitez uses the FIFO cost flow method,How much product cost would be allocated to Cost of Goods Sold?How much product cost would be allocated to Merchandise Inventory at the end of the year?

Question

The following information is for Benitez Company for the current year:
 $\begin{array}{ll}
\text { Beginning inventory }& 300 \text { units @ } \$ 25 \
\text { Purchase April } 8 &150 \text { units }@ \$ 30 \
\text { Purchase September } 12 & 250 \text { units @ } \$ 34   \
\text { Sales } &590 \text { units @ }\$50 \
\end{array}$
 Required:Assuming that Benitez uses the FIFO cost flow method,How much product cost would be allocated to Cost of Goods Sold?How much product cost would be allocated to Merchandise Inventory at the end of the year?

Quizplus · Accepted Answer

The Answer of The following information is for Benitez Company for the current year:
 $\begin{array}{ll}
\text { Beginning inventory }& 300 \text { units @ } \$ 25 \
\text { Purchase April } 8 &150 \text { units }@ \$ 30 \
\text { Purchase September } 12 & 250 \text { units @ } \$ 34   \
\text { Sales } &590 \text { units @ }\$50 \
\end{array}$
 Required:Assuming that Benitez uses the FIFO cost flow method,How much product cost would be allocated to Cost of Goods Sold?How much product cost would be allocated to Merchandise Inventory at the end of the year?

The Following Information Is for Benitez Company for the Current