Production records show that there were 400 units in the beginning inventory, 30% complete, 1200 units started and 1200 units transferred out. The begininning work in process had materials costs of $2020 and conversion costs of $1550. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. What is the total cost of units transferred out in May? What is the cost of the May 31 Inventory?