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 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

• $57.77

• $71.11

• $60.94

• $53.07