Required information Exercise 3-28 Cost Relationships; Normal Costing System (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below.] McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended. - Total manufacturing costs were $1,440,000. - Cost of goods manufactured was $1,412,000. - Applied manufacturing overhead was 20 percent of total manufacturing costs. - Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. - Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. Exercise 3-28 Part 3 3. Compute the value of the company's work-in-process inventory on December 31