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 inventory700Materials costs$ 11,500Conversion costs$ 22,200Percent complete with respect to materials75%Percent complete with respect to conversion65%Units started into production during the month8,600Units transferred to the next department during the month7,800Materials costs added during the month$ 159,300Conversion costs added during the month$ 348,500Ending work in process inventory: Units in ending work in process inventory1,500Percent complete with respect to materials65%Percent complete with respect to conversion50%The cost of ending work in process inventory in the first processing department according to the company’s cost system is closest to:

The term "work in process" refers to the product that is in the process of being created but has not…

Answered: Mullins Corporation uses the first-in,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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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	700
Materials costs	$ 11,500
Conversion costs	$ 22,200
Percent complete with respect to materials	75%
Percent complete with respect to conversion	65%
Units started into production during the month	8,600
Units transferred to the next department during the month	7,800
Materials costs added during the month	$ 159,300
Conversion costs added during the month	$ 348,500
Ending work in process inventory:
Units in ending work in process inventory	1,500
Percent complete with respect to materials	65%
Percent complete with respect to conversion	50%

The cost of ending work in process inventory in the first processing department according to the company’s cost system is closest to:

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