Santa Fe Tile Company Had the Following Inventory Purchases and Sales

question 42

Multiple Choice

Santa Fe Tile Company had the following inventory purchases and sales during the month of May.The company uses the periodic inventory method. $$\begin{array} { | c | c | c | c | c | c | c | } \hline & \text { Purchases } & & & \text { Sales } & & \\\hline \text { Date } & \text { Units } & \text { Unit Cost } & \text { Total } & \text { Units } & \text { Unit Price } & \text { Total } \\\hline \text { May 1 } & 100 & \$ 4 & \$ 400 & & & \\\hline 5 & 200 & 5 & 1,000 & & & \\\hline 10 & & & & 100 & \$ 10 & \$ 1,000 \\\hline 15 & 100 & 6 & 600 & & & \\\hline 20 & 150 & 7 & 1,050 & & & \\\hline 25 & & & & 200 & 11 & \$ 2,200 \\\hline 30 & 160 & 8 & 1,280 & & & \\\hline & 710 & & \$ 4,330 & 300 & & \$ 3,200 \\\hline\end{array}$$
- If Santa Fe uses FIFO costing,how much was the Cost of goods sold for the month?

• A) $1,400
• B) $1,520
• C) $1,380
• D) $1,850

---

Definitions:

Time-Consuming Deliberations

Discussions or decision-making processes that require a significant amount of time due to their complexity or the need for thorough analysis.

Non-Traditional Inducements

Incentives offered to employees that do not fit into standard categories like salary or benefits, aiming to motivate or retain staff.

Unqualified Job Seekers

Individuals who lack the necessary skills, qualifications, or experience required for the job they apply for.

Employee Dissatisfaction

A state where employees feel unhappy, unvalued, or unfulfilled with their job or workplace conditions, potentially leading to reduced productivity and staff turnover.