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Mullins Corporation uses the FIFO method in its process costing system

Accounting

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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 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: (Do not round intermediate calculations.)