Reagan Products manufactures a silicone paste wax that goes through three processing departments: cracking, blending, and packing. All raw materials are introduced at the start of work in the cracking department, with conversion costs being incurred uniformly in each department. The Work-in-Process T-account for the cracking department for July is: The beginning balance inventory consists of $43,400 in materials cost. Reagan uses the first-in, first-out (FIFO) method to account for its operations. Required (use 4 decimal places for computations): (a) What would be the Cracking Department inventory balance on July 31? (b) What would be the cost transferred to the Blending Dept. in July?