On June 30, 2002, a flash flood damaged the warehouse and factory of Bend Corporation, completed destroying the work in process inventory. There was no damage to either the raw materials or finished goods inventories. A physical inventory taken after the flood revealed the following valuations.

The inventory on January 1, 2002, consisted of the following.

A review of the books and records disclosed that the gross profit margin historically approximated 34% of sales. The sales for the first 6 months of 2002 were \($428,000.\) Raw materials purchases were \($96,000.\) Direct labor costs for this period were \($130,000,\) and manufacturing overhead has historically been applied at 60% of direct labor.
Compute the value of the work in process inventory lost on June 30, 2002.

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Finished goods Work in process Raw materials $112,000 52,000