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

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

To calculate the ending inventory value using the FIFO method, you need to add up the value of the units purchased most recently until you reach the total number of units on hand.

In this case, you have 17,000 units on hand on December 31.

To calculate the dollar value of the ending inventory, you will follow these steps:

1. Start with the units purchased on December 15 (2,000 units at $1.09 per unit):
- 2,000 x $1.09 = $2,180

2. Next, add the units purchased on October 15 (1,000 units at $1.19 per unit):
- 1,000 x $1.19 = $1,190

3. Continuing, add the units purchased on July 15 (4,000 units at $0.99 per unit):
- 4,000 x $0.99 = $3,960

4. Then, add the units purchased on April 15 (2,000 units at $1.09 per unit):
- 2,000 x $1.09 = $2,180

5. Next, add the units purchased on February 15 (10,000 units at $0.69 per unit):
- 10,000 x $0.69 = $6,900

6. Finally, add the units purchased on January 1 (5,000 units at $0.89 per unit):
- 5,000 x $0.89 = $4,450

Total the individual values for the units purchased:
$2,180 + $1,190 + $3,960 + $2,180 + $6,900 + $4,450 = $20,860

Therefore, the dollar value of the ending inventory on December 31 is $20,860 using the FIFO method.

To calculate the dollar value of the ending inventory using the FIFO (First-In, First-Out) method, you need to add up the value of the units purchased most recently until you reach the total number of units you have on hand.

In this case, you have 17,000 units on hand as of December 31. Let's go through the transactions and calculate the value:

1. On January 1, you purchased 5,000 units at $0.89 each. Multiply the quantity (5,000) by the price ($0.89) to get the total value: 5,000 x $0.89 = $4,450.

2. On February 15, you purchased 10,000 units at $0.69 each. Multiply the quantity (10,000) by the price ($0.69) to get the total value: 10,000 x $0.69 = $6,900.

3. On April 15, you purchased 2,000 units at $1.09 each. Multiply the quantity (2,000) by the price ($1.09) to get the total value: 2,000 x $1.09 = $2,180.

4. On July 15, you purchased 4,000 units at $0.99 each. Multiply the quantity (4,000) by the price ($0.99) to get the total value: 4,000 x $0.99 = $3,960.

5. On October 15, you purchased 1,000 units at $1.19 each. Multiply the quantity (1,000) by the price ($1.19) to get the total value: 1,000 x $1.19 = $1,190.

6. On December 15, you purchased 2,000 units at $1.09 each. Multiply the quantity (2,000) by the price ($1.09) to get the total value: 2,000 x $1.09 = $2,180.

Now, you need to determine which units to include in the ending inventory by totaling the quantities purchased until it reaches 17,000 units.

Starting with the first purchase, add up the quantities until you get a total of 17,000 units. In this case:

5,000 units (from January 1) + 10,000 units (from February 15) + 2,000 units (from April 15) = 17,000 units

Finally, add up the corresponding total values for these units:

$4,450 (from January 1) + $6,900 (from February 15) + $2,180 (from April 15) = $13,530

Therefore, the dollar value of the ending inventory using the FIFO method is $13,530.