Middle Company uses process costing to account for the production of chocolate candy bars. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Cost per equivalent unit has been calculated to be $4.00 for conversion costs and $3.00 for materials. Beginning inventory consisted of 2,000 units (100% complete for materials, 80% for conversion). During the period, 8,000 units were started and completed. Ending inventory still in process consisted of 4,000 units (100% complete for materials, 40% for conversion). The value of ending inventory using the FIFO method would be:

Multiple Choice

$18,400.00

$23,133.20

$31,933.20

$65,000.00