Lucas Company 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: 
What was the materials cost of work in process at October 31? (Round intermediate calculations to 2 decimals)
Definitions:
Net Working Capital
The difference between a company's current assets and current liabilities, indicating its short-term liquidity.
Tax Rate
The share of profits or income that is levied as tax on a person or a corporation.
Minimum Bid
The lowest price that a seller is willing to accept for an item being sold at auction.
Net Working Capital
The variance between an organization's immediate assets and its short-term obligations, reflecting its short-term fiscal well-being.
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