Santa Fe Tile Company Had the Following Inventory Purchases and Sales

question 9

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 average-cost,how much was the Cost of goods sold for the month?

• A) $1,400
• B) $1,850
• C) $1,380
• D) $1,615

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Definitions:

Standard Condition

Conditions used in scientific experiments that are universally accepted and applied to ensure consistency and comparability of data and results.

Milgram's Study

A psychological experiment conducted by Stanley Milgram to measure the willingness of study participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.

Psychological Distance

The perception of how far away an object, event, or person is from oneself, psychologically, rather than physically.

Obedience

the act of following orders or directives from an authority figure, often studied in psychology to understand social influence and control.