Question: 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 | 1,250 |
| Materials costs | $ 12,600 |
| Conversion costs | $ 22,750 |
| Percent complete with respect to materials | 75% |
| Percent complete with respect to conversion | 65% |
| Units started into production during the month | 9,700 |
| Units transferred to the next department during the month | 8,900 |
| Materials costs added during the month | $ 170,300 |
| Conversion costs added during the month | $ 359,500 |
| Ending work in process inventory: | |
| Units in ending work in process inventory | 2,050 |
| 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.)
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