Axis, Inc. manufactures bourbon whiskey and uses a process costing system. Axis adds all materials at the beginning of the manufacturing process, while conversion costs are incurred uniformly throughout the process. Additional information for Axis appears below. Beginning work in process: 10,000 units Direct materials $ 10,000 Conversion cost (20% complete) $ 5,000 Number of units started this period 35,000 Number of units completed and transferred to finished goods 24,000 Ending work in process (80% complete for CC) Current period costs: Direct materials $ 300,000 Conversion cost $ 500,000 (T of F) The number of equivalent units for conversion costs in ending work in process is 24,000. True False