54. LO.5 & LO.7 (Missing data) Rapid Response Manufacturing Company suffered major losses in a fire on June 18, 2010. In addition to destroying several buildings, the blaze destroyed the company's Work in Process Inventory for an 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 June 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 June 1 and $85,000 on June 18. 3. On June 1, Work in Process Inventory was $96,000.