Maurice Tutor

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Category > Accounting Posted 21 Aug 2017 My Price 12.00

Padway Corporation

Estimation of Flood Loss  On June 30, 2007 a flash flood damaged the warehouse and fac- tory 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, 2007 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 2007 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, 2007. Show supporting computations in good form.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 04:08 PM My Price 12.00

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