On June 30, 20X8, a flash flood damaged the warehouse and factory of Padway Corporation, completely 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:

A review of the books and records disclosed that the gross profit margin historically approximated \(25 \%\) of sales. The sales for the first six months of 20X8 were \(\$ 340,000\). Raw material purchases were \(\$ 115,000\). Direct labor costs for this period were \(\$ 80,000\) and manufacturing overhead has historically been applied at \(50^{\circ} 76\) of direct labor.
{Required:}
Compute the value of the work-in-process inventory lost at June \(30,20 \times 8\). Show supporting computations in good form.

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Raw materials....... Work-in-process $ 62,000 0 119,000 Finished goods..... The inventory on January 1, 20X8, consisted of the following: Raw materials............. $ 30,000 Work-in-process............ 100,000 Finished goods. 140,000 $270,000