QUESTION 38 The following details relate to the main process of a chemical manufacturing company Opening work in progress 2,000 litres, fully complete as to materials and 40% complete as to conversion valued at 245,000 and $134,000 respectively. Materials input in current period | 24.000 litres at a cost of $5,170,000 for materials and $5.674.000 for conversion. Closing work in progres 3.000 litres, fully complete as to materials and zo complete as to as to conversion. Required Calculate the value of the closing work in process using the FIFO basis of valuation. (10 marks) HOLDEC P