On June 30, 2016, a flash flood damaged the warehouse and factory of Padway 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:

Raw materials	$ 62,000
Work in process	0
Finished goods	119,000

The inventory on January 1, 2016 consisted of the following:

Raw materials	$ 30,000
Work in process	100,000
Finished goods	140,000
	$270,000

A review of the books and records disclosed that the gross profit margin historically approximated 25% of sales. The sales for the first six months of 2016 were $340,000. Raw material purchases were $115,000. Direct labor costs for this period were $80,000, and manufacturing overhead was historically applied at 50% of direct labor.

Required:

Compute the value of the work-in-process inventory lost at June 30, 2016. Show supporting computations in good form.