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Santa Fe Tile Company Had the Following Inventory Purchases and Sales

Question 122

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. 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 LIFO costing, how much was the Ending inventory balance? A) $2 480 B) $3 120 C) $2 980 D) $2 930 If Santa Fe uses LIFO costing, how much was the Ending inventory balance?


A) $2 480
B) $3 120
C) $2 980
D) $2 930

Correct Answer:

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