From the following information relating to a production process in March, calculate the cost of finished output in the month and the value of the closing inventory, using theweighted average cost valuation method:tOpening inventory on $1$ March: $3,000$ units$100\%$ complete for direct materials$30\%$ complete for conversion costsCost $=$ $$13,570(=$ direct materials $$12,600+$ conversion costs $$970)$Costs incurred during March:Direct materials: $7,000$ units input, cost $$28,000$ Conversion costs: $$17,430$Units completed in the month $($finished goods$)$: $8,000$ unitsClosing inventory:$2,000$ units: $100\%$ complete for direct materials and $60\%$ complete for conversion costs.