Santa Fe Tile Company Had the Following Inventory Purchases and Sales

question 27

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 LIFO costing,how much was the Cost of goods sold for the month?

• A) $1,400
• B) $1,850
• C) $1,380
• D) $1,640

Learn how customer referrals work and their importance in the sales prospecting process.

Understand the concept of referrals and how to utilize them in sales.

Grasp the significance and method of cold canvassing in sales.

Recognize the role and influence of trade shows and public exhibitions in prospecting.

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