The ledger of Ivanhoe Company has the following work in process inventory account Work in Process Inventory-Painting 5/1 Balance $3,570 5/31 Completed and transferred out $2 5/31 Direct materials 7,340 5/31 Factory labour 2430 5/31 Manufacturing overhead 1.276 5/31 Balance $7 Production records show that there were 410 units in the beginning inventory, 35% complete. 1.150 units started into production, and 1.150 units completed and transferred out The beginning work in process inventory had materials costs of $2.020 and conversion costs of $1.550. The units in ending inventory were 40% complete as to conversion costs Materials are entered at the beginning of the painting process and conversion costs are incurred uniformly throughout the process