Question
Mullins Corporation uses the first-in, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed
Mullins Corporation uses the first-in, first-out 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 1,600 Materials costs $ 13,300 Conversion costs $ 23,100 Percent complete with respect to materials 75% Percent complete with respect to conversion 65% Units started into production during the month 10,400 Units transferred to the next department during the month 9,600 Materials costs added during the month $ 177,300 Conversion costs added during the month $ 366,500 Ending work in process inventory: Units in ending work in process inventory 2,400 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:
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565,098
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$526,650
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$492,950
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$507,365
(Round equivalent units to the nearest whole number and round all other intermediate calculations to 3 decimal places.)
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