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EXERCISE3 Santa Fe Tile Company had the following inventory purchases and sales during the month...

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EXERCISE3 Santa Fe Tile Company had the following inventory purchases and sales during the month of May. The company uses the periodic inventory method. Compute cost of goods sold and ending inventory using the following inventory costing methods. a) FIFO b) LIFO Purchases Sales Units UnitPrice Total $400 200 5 1,000 Date 5/1/2009 5/5/2009 5/10/2009 5/15/2009 5/20/2009 5/25/2009 5/30/2009 Units Unit Price Total 100 $4 100 $10 $1,000 1006 150 7 600 1,050 200 11 $2,200 1,280 $4,330 8 160 710 300 $3,200

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