On June 30, 2015, a flash flood damaged the warehouse and factory of Magna 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:

Finished goods . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $123,000

Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........0

Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..46,100

The inventory on January 1, 2015, consisted of the following:

Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......$109,000

Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......103,000

Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......49,300

..............................................................................................$261,300

A review of the books and records disclosed that the gross profit margin historically approximated 42% of sales. The sales for the first six months of 2015 were $584,000. Raw materials purchases were $88,000. Direct labor costs for this period were $130,000, and manufacturing overhead has historically been applied at 70% of direct labor.

Compute the value of the work-in-process inventory lost on June 30, 2015.