Mathematics · Process Costing

LMN Co manufactures three joint products (L, M, N) and one by-product (R) from a single process. Data for May are as follows: Opening and closing inventories: Nil Raw materials Input: $180,000 Conversion costs: $50,000 Output details: - Joint Product L: 3,000 units, Sales price $32 per unit - Joint Product M: 2,000 units, Sales price $42 per unit - Joint Product N: 4,000 units, Sales price $38 per unit - By-product R: 1,000 units, Sales price $2 per unit By-product sales revenue is credited to the sales account (meaning it does not reduce process costs). Joint costs are apportioned on a sales value basis. What were the full production costs of product M in May (to the nearest $)?