Amy is the owner of The Candle Shop she uses the FIFO method for inventory pricing, what is the dollar value of the ending inventory if there were 17,000 units on hand Dec 31

ok this is what I have so
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

I am not sure what I do from here thanks for your help

IF it is FIFO, then the older units go first. You should be totaling the value of units, starting with the most recent working back, until you get a total of 17000 units on hand. The first 5000 units are gone, and of the next 10000, only 8000 are on hand. Check my counting.

8000 x .69+ 2000 x 1.09 + 4000 x .99 + 1000 x 1.19 + 2000 x 1.09 =

8000 x .69 = 5520 + 2000 =7520
7520 x 1.09 = 8196.80
8196.80 + 4000 = 12196.80
12196.80 x.99 =

am I doing this right so farI need to show all of my work

I am trying to help a friend and I understand the first part but I am really confused about what to do next!!

This is what I have so far

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

10,000
2,000
4,000
1,000
2,000
=
19,000

how do I figure out the dollar value of ending inventory if there were 17,000 units on hand on December 31?

This is where I really start having a problem. Can you please explain what I need to do next??

Thanks!!

To determine the dollar value of the ending inventory using the FIFO (First-In, First-Out) method, you need to add up the dollar values of the inventory units from oldest to newest until you reach the desired number of units.

In this case, you had 17,000 units on hand on December 31. So you'll start by adding up the dollar values of the inventory units until you reach or exceed 17,000 units.

Based on the information you provided, you already calculated the dollar values correctly. Let's organize the calculations in the order they occurred:

Jan 1: 5,000 units @ $0.89 = $4,450
Feb 15: 10,000 units @ $0.69 = $6,900
April 15: 2,000 units @ $1.09 = $2,180
July 15: 4,000 units @ $0.99 = $3,960
Oct 15: 1,000 units @ $1.19 = $1,190
Dec 15: 2,000 units @ $1.09 = $2,180

Now, we add these calculated values from the oldest units until we reach or exceed 17,000 units:

$4,450 + $6,900 + $2,180 + $3,960 = $17,490

The total dollar value of the ending inventory would be $17,490 based on the FIFO method.