Ring Corporation, which began operations in 2010, produces gasoline and a gasoline by-product. The following information is available pertaining to 2010 sales and production:

Total production costs to split-off point .......$240,000

Gasoline sales ................ 540,000

By-product sales ............... 60,000

Gasoline inventory, 12/31/2010 .......... 30,000

Additional by-product costs:

Marketing ................... $20,000

Production ................... 30,000

Ring Corp. accounts for the by-product at the time of production. Compute Ring’s cost of sales for gasoline and for the by-product for the year.