Farley Fabrication informs you that it completed 110,000 units during April, valued at $550,000. Its cost per equivalent unit of conversion is $2.00. Finally, you learn that Farley has 20,000 units in ending WIP, 50% complete with respect to conversion. Farley adds all materials at the start of the process.
Required:
Determine the value of Farley's ending WIP inventory.