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September 19, 2014

Homework Help: please check my answer

Posted by keleb on Monday, January 7, 2008 at 8:25pm.

please check my answer thanks :)

You are the manager of The Candle Shop using the FIFO method of inventory pricing, what is the dollar value of the ending inventory if there were 17,000 units on hand Dec 31 Show all of your work

Jan 1 5,000 @ $0.89
Feb15 10,000 @ $0.69
April 15 2,000 @$1.09
July 15 4,000 $0.99
Oct 15 1,000 1.19
Dec 15 2,000 $1.09


5,000 x $0.89 = 4450
10,000 x $0.69 = 6900
2,000 x $1.09 = 2180
4,000 x $0.99 = 3960
1,000 x $1.19 = 1190
2,000 x $1.09 = 2180
+-------
20860

Ok now I am lost what do I do now please help

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