Eco Tech Auto Parts Store, Which Uses the FIFO Method

question 16

Short Answer

Eco Tech Auto Parts Store, which uses the FIFO method of valuing inventory, has 56 spark plugs remaining in inventory. Eco Tech purchased spark plugs over a three-month period as follows: 32 purchased at $3.87 on January 5, 56 purchased at $4.13 on February 15, and 20 purchased at $2.34 on March 12. Compute the value of the ending inventory of spark plugs at FIFO cost.​

---

Definitions:

Working Memory

The structure of memory that can hold a sensory stimulus for up to 30 seconds after the trace decays. Also called short-term memory.

Assimilation

The process of absorbing new information into one's existing cognitive schemas, or the integration of individuals into a different cultural or societal group.

Nonadaptive

Describes traits or behaviors that do not provide a survival or reproductive advantage in a given environment.

Cognitive Process

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.