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In: Accounting

Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...

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 1,300
Materials costs $ 12,700
Conversion costs $ 22,800
Percent complete with respect to materials 75 %
Percent complete with respect to conversion 65 %
Units started into production during the month 9,800
Units transferred to the next department during the month 9,000
Materials costs added during the month $ 171,300
Conversion costs added during the month $ 360,500
Ending work in process inventory:
Units in ending work in process inventory 2,100
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: (Round equivalent units to the nearest whole number and round all other intermediate calculations to 3 decimal places.)

Garrison 16e Rechecks 2017-08-28

Multiple Choice

  • $570,048

  • $531,600

  • $501,274

  • $497,900

Solutions

Expert Solution

$501,274

ekkarill92 answered 1 year ago
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