A product is manufactured as a result of two processes, 1 and 2. Details of process 2 for the latest period were as follows.

Opening work in progress Nil Materials transferred from process 1 10,000 kg valued at $40,800 Labour and overhead costs $8,424 Output transferred to finished goods 8,000 kg Closing work in progress 900 kg Normal loss is 10% of input and losses have a scrap value of $0.30 per kg.

Closing work in progress is 100% complete for material, and 75% complete for both labour and overheads.

The value of the closing work in progress for the period was $