A manufacturer wants to allocate the costs in one of its production departments between the parts completed and transferred to the next department and the closing WIP in that department. As the newly hired management accountant, you have been asked to calculate these amounts. You check the records and find the following data for Direct Materials (DM) and Conversion (CONV) for the past month:

DM CONVERSION

COSTS OF OPENING WIP: 43,750.00 112,500.00

COST INCURRED THIS MONTH : 131,250.00 337,500.00

TOTAL EQUIVALENT UNITS : 3500 30000

UNITS COMPLETED THIS MONTH: 25000

Required:

Calculate theTOTALvalue of the CLOSING WIP in this department. (Use the weighted average cost method - finding average unit costs and making the allocation between completed items and closing WIP.)

NOTE:ONLYENTER THE NUMBER AMOUNT - DONOTUSE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER (e.g. if you want to enter $10,000 only enter '10000' as your answer.