The following information was taken from the accounting records of Fessler Tool Corporation.
Work in process inventory, beginning of the year ........... $ 35,000
Cost of direct materials used ................................... 245,000
Direct labor cost applied to production ...................... 120,000
Cost of finished goods manufactured ........................ 700,000
Overhead assigned to production was $400,000. Compute the amount of the work in process inventory on hand at year-end.