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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: | |
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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
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$58.60
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$56.01
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$68.77
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$50.73
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