On June 30, 2007 a flash flood damaged the warehouse and factory of Padway Corporation, completely destroying the work-in-process inventory. There was no damage to either the raw materials or finished goods inventories. A physical inventory taken after the flood revealed the following valuations:
Raw materials ..... $ 62,000
Work in process ..... -0-
Finished goods ..... 119,000
The inventory on January 1, 2007 consisted of the following:
Raw materials ..... $ 30,000
Work in process ..... 100,000
Finished goods ..... 140,000
$270,000
A review of the books and records disclosed that the gross profit margin historically approximated 25% of sales. The sales for the first six months of 2007 were $340,000. Raw material purchases were $115,000. Direct labor costs for this period were $80,000, and manufacturing overhead was historically applied at 50% of direct labor.

Required
Compute the value of the work-in-process inventory lost at June 30, 2007. Show supporting computations in good form.