Use the following to answer questions 1-7 (provide step by step solution):

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

Percentage complete with respect to materials                                       75%

Percentage 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

Percentage complete with respect to materials                                           65%

Percentage complete with respect to conversion                                        50%

 

  1. What are the equivalent units for materials for the month in the first processing department?
  2. What are the equivalent units for conversion costs for the month in the first processing department?
  3. The cost per equivalent unit for materials for the month in the first processing department?
  4. The cost per equivalent unit for conversion costs for the first department for the month?
  5. cost per equivalent whole unit for the month in the first processing department?
  6. The total cost transferred from the first processing department to the next processing department during the month?
  7. The cost of ending work in process inventory in the first processing department according to the company’s cost system?

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