4) Spooky Halloween Company makes baskets shaped like jack-o-lanterns. For simplicity, assume they have only one department. On day 1 of their process, ALL direct materials are added. Conversion costs are added uniformly throughout the process. For September, other information is available relative to assigning manufacturing costs. Beginning Inventory (10,000 physical units) was 20% complete with $2,000 of prior period costs; they transferred a total of 50,000 units to Finished Goods during September and there was Ending Inventory of 5,000 physical units (20% complete). They calculate the cost per equivalent for September's manufacturing costs to be: direct materials, $2 per equivalent unit and conversion costs, $3 per equivalent unit. REQUIRED: What is the total cost of the completed beginning inventory of WIP? [Hint: To answer this question, it makes no difference whether they use FIFO or Wtd. Avg.]