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April 17, 2014

Homework Help: Math confused

Posted by really stuck on Thursday, May 22, 2008 at 6:46am.

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

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