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

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1. Well, a lot of the units have been sold and are no longer in inventory. We only have 17,000 of the units left in the store.
We have 2000 of the Dec 15 units
we have 1000 of the Oct 15 units total 3000
we have 4000 of the July units total 7000
we have 2000 april units total 9000
we have only 8000 of the feb units to reach our 17,000
All earlier units are already sold
so add up the values only of those units that are still there in the store

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posted by Damon

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