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%
- What are the equivalent units for materials for the month in the first processing department?
- What are the equivalent units for conversion costs for the month in the first processing department?
- The cost per equivalent unit for materials for the month in the first processing department?
- The cost per equivalent unit for conversion costs for the first department for the month?
- cost per equivalent whole unit for the month in the first processing department?
- The total cost transferred from the first processing department to the next processing department during the month?
- The cost of ending work in process inventory in the first processing department according to the company’s cost system?
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