The following information is for Benitez Company for Year 2:
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 inventory at the end of the year?c)Calculate the average number of days to sell inventory for the year.
Definitions:
Service Charge
A fee collected to pay for services related to the primary product or service being purchased.
Interest
The cost of borrowing money or the payment received for lending money, usually expressed as a percentage over a period of time.
Check Register
A record maintained by account holders to track checks written, deposits made, and the current balance of a checking account.
Cash Balance
The amount of cash that a company or an individual has on hand at any given time.
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