Question
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 | 1,150 | ||
| Materials costs | $ | 12,400 | |
| Conversion costs | $ | 22,650 | |
| Percent complete with respect to materials | 75 | % | |
| Percent complete with respect to conversion | 65 | % | |
| Units started into production during the month | 9,500 | ||
| Units transferred to the next department during the month | 8,700 | ||
| Materials costs added during the month | $ | 168,300 | |
| Conversion costs added during the month | $ | 357,500 | |
| Ending work in process inventory: | |||
| Units in ending work in process inventory | 1,950 | ||
| 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.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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:
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
1,100
Materials costs
$
12,300
Conversion costs
$
22,600
Percent complete with respect to materials
75
%
Percent...
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
1150?
Materials
costs
$
12,400?
Conversion
costs
$
22,650?
Percent complete
with respect to materials
75?
%
Percent complete
with respect to conversion
65?
%
Units started into
production during the month
9500?
Units transferred
to the next department during the month
8700?...
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...
Eban Corporation uses the FIFO method in its process costing system. The first processing department, the...
Eban Corporation uses the FIFO method in its process costing
system. The first processing department, the Welding Department,
started the month with 22,200 units in its beginning work in
process inventory that were 50% complete with respect to conversion
costs. The conversion cost in this beginning work in process
inventory was $66,200. An additional 69,000 units were started into
production during the month. There were 18,800 units in the ending
work in process inventory of the Welding Department that were...
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
Kurtulus Corporation uses the weighted-average 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
600
Materials costs
$
7,000
Conversion costs
$
2,300
Percent complete with respect to materials
55
%
Percent complete with respect to conversion
25
%
Units started into production during the month
6,500
Units transferred to the next department during the month
5,700...
Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
Haffner Corporation uses the weighted-average 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
2,000
Materials costs
$
9,300
Conversion costs
$
10,600
Percent complete with respect to
materials
85
%
Percent complete with respect to
conversion
55
%
Units started into production
during the month
8,500
Units transferred to the next
department during the month
7,600...
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
Kurtulus Corporation uses the weighted-average 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
2,200
Materials costs
$
8,600
Conversion costs
$
3,900
Percent complete with respect to materials
55
%
Percent complete with respect to conversion
25
%
Units started into production during the month
8,100
Units transferred to the next department during the month
7,300...
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
Kurtulus Corporation uses the weighted-average 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 2,000 Materials costs $ 8,400 Conversion costs $ 3,700
Percent complete with respect to materials 55 % Percent complete
with respect to conversion 25 % Units started into production
during the month 7,900 Units transferred to the next department
during the month 7,100...
K Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
K Corporation uses the weighted-average 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 1,700
Materials costs $ 8,100 Conversion costs $ 3,400 Percent complete
with respect to materials 55 % Percent complete with respect to
conversion 25 % Units started into production during the month
7,600 Units completed and transferred to the next department during
the...
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
Kurtulus Corporation uses the weighted-average 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
1,400
Materials costs
$
7,800
Conversion costs
$
3,100
Percent complete with respect to
materials
55
%
Percent complete with respect to
conversion
25
%
Units started into production
during the month
7,300
Units transferred to the next
department during the month
6,500...
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