Pablo Company calculates the cost for an equivalent unit of production using process costing.

Data for June Work-in-process inventory, June 1: 20,000 units Direct materials: 100% complete $ 40, 000 Conversion: 40% complete 16, 000 Balance in work-in-process, June 1 $ 56, 000 Units started during June 48, 000 Units completed and transferred out 48, 000 Work-in-process inventory, June 30 20,000 Direct materials: 100% complete Conversion: 80% complete Costs incurred during June Direct materials $129, 600 Conversion costs Direct labor 129, 600 Applied overhead 168, 000 Total conversion costs $297 , 600