Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first...
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Accounting
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory
1,150
Materials costs
$
12,400
Conversion costs
$
22,650
Percent complete with respect to materials
75
%
Percent complete with respect to conversion
65
%
Units started into production during the month
9,500
Units transferred to the next department during the month
8,700
Materials costs added during the month
$
168,300
Conversion costs added during the month
$
357,500
Ending work in process inventory:
Units in ending work in process inventory
1,950
Percent complete with respect to materials
65
%
Percent complete with respect to conversion
50
%
The total cost transferred from the first processing department to the next processing department during the month is closest to: (Round equivalent units to the nearest whole number and round all other intermediate calculations to 3 decimal places.)
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