On June 30, 2011, 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, 2011, 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 2011 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, 2011.

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