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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:
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 | 1,100 | ||
Materials costs | $ | 12,300 | |
Conversion costs | $ | 22,600 | |
Percent complete with respect to materials | 75 | % | |
Percent complete with respect to conversion | 65 | % | |
Units started into production during the month | 9,400 | ||
Units transferred to the next department during the month | 8,600 | ||
Materials costs added during the month | $ | 167,300 | |
Conversion costs added during the month | $ | 356,500 | |
Ending work in process inventory: | |||
Units in ending work in process inventory | 1,900 | ||
Percent complete with respect to materials | 65 | % | |
Percent complete with respect to conversion | 50 | % | |
The cost of a completed unit transferred out of the department is closest to: (Round equivalent units to the nearest whole number and round all other intermediate calculations to 2 decimal places.)
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