Klug Industries adds materials at the beginning of the process in the molding department, which is the first of two stages of its production cycle. Information concerning the materials used in the molding department in August follows:
Units Materials
Costs
Work in process at August 1 8,000 $11,550
Units started during August 20,000 $72,450
Units completed and transferred to next department
during August
21,000
Using the FIFO method, what is the materials cost of the work in process at August 31 (rounded to nearest dollar)?