Calculate the ending inventory balance and cost using FIFO. (Obj.

1). The data given below relate to Material 408, 6-inch cloth zippers used by the Elite Leather Goods Company. Based on this data, determine the ending inventory balance and cost using the FIFO inventory valuation method.

Beginning Balance Purchase Order 301 Requisition 469 Requisition 493 Requisition 504 Purchase Order 960 Requisition 529 Returned Material Report 24 (from Requisition 504)

480 at $4.80 each 600 at $4.90 each 175 225 280 400 at $4.95 each 310 20

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