Santa Fe Tile Company Had the Following Inventory Purchases and Sales

question 100

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. If Santa Fe uses average-cost, how much was the Ending inventory balance?

• A)$2.980
• B)$2,480
• C)$2,715
• D)$2,930

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Definitions:

Subsistence Farming

A type of agriculture where farmers focus on growing enough food to feed themselves and their families, with little or no surplus for trade.

Cash Crop

Agricultural produce grown primarily for sale to return a profit, rather than for personal consumption or sustenance farming.

Overweight

A condition where a person has more body weight than is considered healthy for their height.

Worldwide

Something that occurs in, affects, or pertains to all parts of the world or is of global scope.