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On June 30,2016, a flash flood damaged the warehouse and factoryof Padway Corporation, completely destroying the work-in-processinventory. There was no damage to either the raw materials orfinished goods inventories. A physical inventory taken after theflood revealed the following valuations:
RawMaterials $62,000
Work inprocess $0
FinishedGoods $119,000
The inventory on January 1,2016 consisited of the following:
Rawmaterials $30,000
Work inprocess $100,000
FinishedGoods $140,000
Total $270,000
A review of the books and records disclosed that the grossprofit margin historically approximated 25% of sales. The sales forthe first six months of 2016 were $340,000. Raw material purchaseswere $115,000. Direct Labor costs for this period were $80,000, andmanufacturing overhead was historically applied at 50% of directlabor.
Required:
Compute the value of the work-in-process inventory lostat June 30,2016. Show supporting computations in goodform.
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