Question

um wu. 5-70 Mullins Corporation uses the FIFO... Mulins 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 Materials coats Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costa added during the month Conversion coats added during the month Ending work in process inventory Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 1,050 $ 12,200 $ 22,550 750 650 9, 300 8,500 $166,300 S355,500 1,850 655 SO The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to (Round equivalent units to the nearest whole number and round all other intermediate calculations to 3 decimal places.)

Answer 1

Final Answer:	The cost of enidng WIP (Option A )	60,049.78
	Mullins Corporation
	Production Cost Report (FIFO)
		Actual Units
	Caluclation of Physical UNITS:
	Units in begining inventory	1,050
	Units started during the period	9,300
	Units to be accounted for	10,350
		Actual Units	Equivalent Units
			Material	CC
	Units Completed and Transferred	8,500
	From units in beginning inventory	1,050	263	368
	From units started	7,450	7,450	7,450
	Units in ending inventory	1,850	1,203	925
	Total accounted for	10,350	8,916	8,743
	Costs:
		Total	Material	CC
	Costs in beginning inventory	0	0	0
	Cost added dueing the year	521,800	166,300	355,500
	Total cost to account for	521,800	166,300	355,500
	Equivalent Units from above		8,916	8,743
	Cost per equivalnet unit	59.313	18.652	40.661
		Total	Material	CC
	Cost Accounted for
	Units completed and transfer
	From units in beginning inventory	19,868.72	4,905.48	14,963.25
	From units started	441,881.85	138,957.40	302,924.45
	Total cost of completed units	461,750.57	143,862.88	317,887.70
	Units in ending inventory	60,049.78	22,438.36	37,611.43
	Total Cost Accounted for	521,800.36	166,301.23	355,499.12