Problem: FIFO Aluminum processes a single type of aluminum. During the current period the following information was given:
Units Materials Costs Converstion Costs
Beginning Inventory 3,000 $4,500 $4,800
Started During the Current Period 20,000 $48,000 $65,000
Ending Inventory 2,500
All materials are added at the beginning of the production process. The beginning inventory was 30% complete as to conversion cost, while the ending inventory was 40% completed for conversion costs. FIFO Aluminum uses the first-in, first-out system of process costing.
What were the costs assigned to the units transferred out this period (round equivalent unit cost to the nearest penny).
a. $113,236
b. $113,160
c. $113,980
d. $122,300