Merced Corporation has a process costing system and uses the FIFO method.For May, the company's beginning work in process inventory was 75% complete with respect to conversion, and the ending work in process inventory was 80% complete with respect to conversion.Information on units processed and conversion costs incurred during May follow: 
The amount of conversion cost in the ending work in process inventory was:
Definitions:
Market Entry
The process or strategy employed by a company to start selling its products or services in a particular market.
Profit-Maximizing Quantity
The level of production at which a business achieves the highest possible profit.
Economic Profit
Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs.
Economic Loss
Represents a decrease in financial wealth, assets, or resources, often resulting from business operations or market changes.
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