The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 20,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $3.25 for materials and $4.75 for labor and overhead, the total cost assigned to the ending work in process inventory was:

• $103,000

• $96,000

• $160,000

• $122,000