Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces. Beginning inventory started in January Ending work-in-process inventory (78% complete) Costs incurred in January follow. Materials Labor Manufacturing overhead $ 160,150 21,000 74,000 Gallons 8 150,000 14,000 All production at Luke's is sold as it is produced (there are no finished goods inventories). a. Cost of goods sold for January b. Work-in-process inventory on January 31 Required: a. Compute cost of goods sold for January. (Do not round Intermediate calculations.) b. What is the value of work-in-process Inventory on January 31? (Do not round Intermediate calculations.)