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| Superb Hancock Company uses a process costing system in which all materials are added at the beginning of the first process. Conversion costs are added evenly throughout the process. During the past month, 10,000 units were started in production, and 8,000 were completed and transferred to the next department. There were no beginning inventories. The 2,000 ending inventories were 70% complete at the end of the month. The company uses a weighted-average method for inventory valuation.Assume that Superb Hancock uses first-in, first-out (FIFO) for inventory costing instead of the weighted-average inventory valuation. If materials used in production cost $15,000 and Assume that Superb Hancock uses first-in, first-out (FIFO) for inventory costing instead of the weighted-average inventory valuation. If materials used in production cost $15,000 and conversion costs incurred were 25,000, what amount of inventory (rounded) was transferred to the next department under FIFO? A. $32,000 B. $33,280 C. $36,280 D. $40,000 |