Question: Buklin Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,200 units. The costs and percentage completion of these units in beginning inventory were:
Cost Percent Complete
Materials costs:.......$17,500.....70%
Conversion costs:....$5,400......60%
A total of 8,000 units were started and 7,000 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Materials costs: $177,188
Conversion costs: $103,372
The ending inventory was 60% complete with respect to materials and 30% complete with respect to conversion costs.
The total cost transferred from the first processing department to the next processing department during the month is closest to:
- $264,950
- $263,200
- $259,950
- $265,650