Assume the following information: Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 291,600 $ 301,600 Conversion $ 15,000 385,000 $ 400,000 Total $ 25,000 676,600 $ 701,600 Assume the equivalent units of production for materials and conversion are 5,200 units and 5,000 units, respectively, using the weighted-average method. If 4,720 units were completed and transferred to the next department, then what is the total cost of the ending work in process inventory in the Milling Department? Multiple Choice $50,240 $55,240 $59,440