Question: 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

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 inventory1,550Materials costs$ 13,200Conversion costs$ 23,050Percent complete with respect to materials75%Percent complete with respect to conversion65%Units started into production during the month10,300Units transferred to the next department during the month9,500Materials costs added during the month$ 176,300Conversion costs added during the month$ 365,500Ending work in process inventory:Units in ending work in process inventory2,350Percent complete with respect to materials65%Percent complete with respect to conversion50%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.)Group of answer choices$527,475$565,923$493,775$506,320

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