The following information was taken from the accounting records of Reliable 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 . . . . . . . . . . . . . . . . . . . 675,000
Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.