Epson Company uses standard costing within its process costing system. This company manufactures its products in one production process, where direct materials are added at the very beginning of the process and conversion costs are added evenly throughout the process. On December 1, 2020, Epson had 40 units sitting in its processing department; these units were 30% complete. During the month of December, Epson completed 150 units. On December 31, 2020, Epson had 60 units remaining in its processing department; these units were 60% complete. Standard costs per unit are as follows: DM $ 2.00 CC $10.00 Actual costs added this period: DM $ 400 CC $1,600 How much would Epson report for its standard cost of beginning inventory for Direct Materials on Dec. 1? $80 $40 $120 $24