University Manufacturers, a new business, commenced operations on 1 January, 2015. During its first month of operations, it started and finished 8,000 units of Product X. It also had 10,000 physical units remaining in work in progress, 20% complete with respect to conversion costs as at 31 January, 2014. Note that 100% of direct materials are added at the beginning of the process. During the month of January, it had used up $36,000 in direct materials and incurred $28,000 in