Inspections for All (IFA) is a company that provides home inspections for individuals looking into purchasing a home. IFA has two portions of the inspection processoutside inspection and inside inspection. The following data show the production and cost results for outside inspections for the month of July: Production Data: Outside inspections in process, July 1 (70% complete) 30 Outside inspections started in production 525 Outside inspections in process, July 31 (80% complete) 20 Cost Data: Costs in outside inspections in process, July 1 $5,580 Costs for July $97,520 Costs of direct materials (paper, ink, etc.) are immaterial for IFA. Hence, all production costs are conversion costs (labor and overhead). Using the first in first out (FIFO) method of process costing, compute for July the cost of outside inspections completed and transferred out to inside inspections, and compute the value of work-in-process inspections at the end of the month.