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Mullins Corporation uses the FIFO method in its process costing system

Accounting

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.)

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