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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 1,500
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 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.)

Multiple Choice

  • $58.60

  • $56.01

  • $68.77

  • $50.73

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