Santa Fe Tile Company Had the Following Inventory Purchases and Sales

question 25

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 Ending inventory balance?

• A) $2.980
• B) $3,120
• C) $2,480
• D) $2,930

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Definitions:

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The roles, activities, or tasks that are natural to or intended for a person, object, or organization.

Following Employment

Refers to the activities or insights tracked or monitored after an individual has been hired in an organization.

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Additional benefits supplementing an employee's salary, such as health insurance, paid time off, and retirement plans, which can vary greatly between employers.

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