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.

Question

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.​

Quizplus · Accepted Answer

The Answer of 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.​

Eco Tech Auto Parts Store, Which Uses the FIFO Method