1. Fox Valley Manufacturing Company's beginning work in process inventory consisted of 10,000 units, 50% complete with respect to materials cost and 60% complete with respect to conversion costs. The total cost of the beginning inventory was $60,000. During the month, 50,000 units were transferred out. The equivalent unit cost was computed to be $4.00 for materials and $7.40 for conversion costs under the weighted-average method. Given this information, the total cost of the units completed and transferred out during the month was:

   		$570,000.
   		$540,000.
   		$510,000.
   		$480,000.