A tornado touched down and destroyed most of a company's facilities However, the controller and the cost accountant were able to recover a small part of manufacturing cost data for the current and prior month They need records in order to file an insurance claim This is the data they were able to recover Direct Labor Cost $250,000 Purchase of Raw Materials $365,000 Raw Materials used for the month $350,000 Sales for the month $1,240,000 Gross Profit Ratio 40 of sales (Gross Profit was discussed in chapter 5 of the ACC 2111 textbook) Cost of goods available for sale $770,000 Manufacturing overhead was 60 of direct labor Inventories at the end of the prior month Finished Goods $38,000 Work in Process $25,000 and Raw Materials $19,000 Instructions Answer this below Calculate the amount of cost in the Raw Materials, Work in Process, and Finished Goods Inventory accounts for the current month (when the tornado took place) using the information above Using the knowledge acquired in the prior chapter and the ACG 2021 course (financial accounting), what analysis or conclusions can you make from the data Can the data be used to prepare financial statements Which Financial Statement could be prepared (check items included in each financial statement) Will this be helpful for the insurance company to process a claim NOTE In order to receive credit your answers must include all calculations Review Exhibit 3 8, Cost of Goods Manufactured and Cost of Goods Sold and Exhibit 3 12 A General Model of Cost Flows Also review which items appear on each financial statement (Income Statement, Balance Sheet, Statement of Cash Flows, etc

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A tornado touched down and destroyed most of a company's facilities.However, the controller and the cost accountant were able to recover a small part of

A tornado touched down and destroyed most of a company's facilities.However, the controller and the cost accountant were able to recover a small part of manufacturing cost data for the current and prior month.They need records in order to file an insurance claim.

This is the data they were able to recover:

Direct Labor Cost $250,000

Purchase of Raw Materials $365,000

Raw Materials used for the month $350,000

Sales for the month $1,240,000

Gross Profit Ratio 40% of sales (Gross Profit was discussed in chapter 5 of the ACC 2111 textbook)

Cost of goods available for sale $770,000

Manufacturing overhead was 60% of direct labor

Inventoriesat the end of the prior month:Finished Goods $38,000; Work in Process $25,000; and Raw Materials $19,000.

Instructions:

Answer this below:

Calculatethe amount of cost in theRaw Materials, Work in Process, and Finished Goods Inventory accountsfor the current month (when the tornado took place) using the information above.??
Using the knowledge acquired in the prior chapter and the ACG 2021 course (financial accounting), what analysis or conclusions can you make from the data?Can the data be used to prepare financial statements??Which Financial Statement could be prepared (check items included in each financial statement)?. Will this be helpful for the insurance company to process a claim? ??

NOTE:In order to receive credit your answers must include all calculations.Review Exhibit 3-8, Cost of Goods Manufactured and Cost of Goods Sold and Exhibit 3-12 A General Model of Cost Flows.Also review which items appear on each financial statement (Income Statement, Balance Sheet, Statement of Cash Flows, etc.