Wilco Inc. uses a process costing system with two cost categories (Materials and Conversion). Wilco completed and transferred out 45,000 units during the most recent period. Wilco also computed that they had 50,000 equivalent units of materials and 47,500 equivalent units of conversion. If the material cost per equivalent unit was $2.50 and the conversion cost per equivalent unit is $3.00, what is the ending balance of WIP? Some other answer O $12,500 O $7,500