In May, one of the processing departments at Stitzel Corporation had beginning work in process inventory of $45,000 and ending work in process inventory of $11,000. During the month, the cost of units transferred out from the department was $505,000. In the department's cost reconciliation report for May, the total cost to be accounted for under the weighted-average method would be:

$561,000

$550,000

$56,000

$516,000