A distraught employee, Guy Arson, put a torch to a manufacturing plant on February 26. The resulting blaze completely destroyed the plant and its contents. Fortunately, some accounting records were kept in another building. They revealed the following for the period from January 1 to February 26: 19,200 192,000 74,400 Direct materials (DM) Inventory Jan 1 Purchases DM Jan 1 to Feb 26 Ending DM inventory Feb 26 Work in Progress (WIP) Jan 1 Cost of direct labour Cost of Overhead used Work in Progress Feb 26 Finished Goods (FG) Jan 1 Finished Goods Feb 26 40,800 216,000 144,000 33,600 36,000 60,000 Calculate the following: 1) Cost of DM used 2) Cost of finished goods produced 3) Cost of goods sold 4) Total value of DM, WIP and FG lost due to the fire 5) Where would you classify the cost of Insurance and why