(Joint cost allocation; by products) Ring Corporation, which began operations in 2010, produces gasoline and a gasoline by product. The following information is available pertaining to 2010 sales and production:

Total production costs to split off point

$240,000

Gasoline sales

540,000

By product sales

60,000

Gasoline inventory, 12/31/2010

30,000

Additional by product costs:

Marketing

$20,000

Production

30,000

Ring Corp. accounts for the by product at the time of production. Compute Ring’s cost of sales for gasoline and for the by product for the year.