Refresh produces soft drinks and sodas. Production of 102,000 liters was started in February, 87,000 liters were completed. Material costs were $44,720 for the month while conversion costs were $29,680. There was no beginning work-in-process; the ending work-in-process was 40% complete. What is the cost of the product that remains in work-in-process?

$4,800.

$69,600.

$9,000.

$29,680.