Steven Corporation uses the FIFO method in its process costing system. The following data were taken from the accounting records of a particular department for last month: Beginning work in process inventory:(10,000 units; materials 100% complete, conversion 60% complete)$17,500 Units completed and transferred out during the month 60,000 UnitsCost per equivalent unit: Materials$2.50 Conversion$2.00 The cost of units transferred out of the department during the month is:
A. $254,500
B. $242,500
C. $270,000
D. $250,500
Answer: D
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