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	1,500
Materials costs	$ 13,100
Conversion costs	$ 23,000
Percent complete with respect to materials	75%
Percent complete with respect to conversion	65%
Units started into production during the month	10,200
Units transferred to the next department during the month	9,400
Materials costs added during the month	$ 175,300
Conversion costs added during the month	$ 364,500
Ending work in process inventory:
Units in ending work in process inventory	2,300
Percent complete with respect to materials	65%
Percent complete with respect to conversion	50%

The cost of ending work in process inventory in the first processing department according to the companys cost system is closest to: (Round equivalent units to the nearest whole number and round all other intermediate calculations to 3 decimal places.)

Multiple Choice

$70,603

$66,546

$113,316

$80,577