Closet Company had the following information for the month of December. All direct materials were one hundred percent complete, and beginning materials cost $24,700. $ 234, 288 Beginning balance @ 12/1: 480 units, 10% completed Direct materials Direct labor Overhead Property taxes Depreciation Utilities Indirect labor Ending balance @ 12/31: 420 units, 20% completed Work in Process Inventory Completed 1,090 units and transferred them to $ 28,000 finished goods inventory 78,000 54,000 19,000 50,000 30,000 20,000 $ 44,712 Total equivalent units for conversion under the FIFO method are calculated to be