Smith and Blarney Refiners began business on July 01. The following operations data are available for July and the one product the company produces:

Gallons

Beginning inventory

Started in July.........................................................................310000

Ending work-in-process inventory (80% complete) .................30000

Costs incurred in July were:

Materials ...............................................................................$250,000

Labor ......................................................................................$52,000

Manufacturing overhead ......................................................$154,000

All production at Smith and Blarney is sold as it is produced (i.e., there are no finished goods inventories).

Required:

(a) Compute cost of goods sold for July.

(b) What is the value of the work-in-process inventory on July 31?