XYZ Corporation uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows:

	Units				Materials Cost
Work in process on October 1		5,000			$	2,050
Units started during October		40,000			$	20,000
Units completed and transferred to the next Department during October		38,000

What was the materials cost of work in process at October 31?

Note: Your answer should be in the format of $***. Round interim calculations to 2 decimal places. Round the final answer to the nearest whole dollar. Use commas to separate thousands.