An auditor determined performance materiality for current assets should be calculated at $1/3$ of total materiality $(6\%$ of total current assets$)$ and noncurrent assets should be calculated at $1/8$ of total materiality $(4\%$ of total noncurrent assets$).$ Calculate performance materiality for current assets based on the following:

Cash and cash equivalents

$$1,600,000$

Land

$600,000$

Accounts receivable

$250,000$

Prepaids

$350,000$

Building

$400,000$

Fixtures and equipment

$1,200,000$

Inventory

$100,000$

Leasehold improvements

$300,000$

$$96,000$

$$115,000$

$$56,000$

$$46,000$