XYZ Manufacturing Company suffered major losses in a fire on December 18, 2009. In addition to destroying several buildings, the blaze destroyed the company’s work in process inventory foran entire product line. Fortunately, the company was insured; however, it needs to substantiate the amount of the claim. To this end, the company has gathered the following information that pertains to production and sales of the affected product line:
1. The company’s sales for the first 18 days of December amounted to $460,000. Normally, this product line generates a gross profit equal to 40 percent of sales.
2. Finished Goods Inventory was $58,000 on December 1 and $85,000 on December 18.
3. On December 1, Work in Process Inventory was $96,000.
4. During the first 18 days of December, the company incurred the following costs:
Determine the value of Work in Process Inventory that was destroyed by the fire.
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