11) Grayson Company uses a process costing system. The following information is available. Units Direct Materials Conversion Percent Percent Complete Complete Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion 8,700 53,300 50,000 12,000 90% 50% $47,600 $45,940 105,260 $151,200 Compute the value assigned to ending inventory based on the weighted-average method of inventory costing