excel (LO 7-2,3) 7-61. Reconstruct Missing Data A tornado struck the only manufacturing plant of Toledo Farm Implements (TFI) on June 1. All work-in-process inventory was destroyed, but a few records were salvaged from the wreckage and from the company's headquarters. If acceptable documentation is provided, the loss will be covered by insurance. The insurable value of work-in-process inventory consists of direct materials, direct labor, and applied overhead. The following information about the plant appears on the April financial statements at the company's downtown headquarters. Materials inventory, April 30 $ 98,000 Work-in-process inventory, April 30 172,400 Finished goods inventory, April 30 64,000 Cost of goods sold through April 30 697,200 Accounts payable (materials suppliers), April 30 43,200 Manufacturing overhead through April 30 369,800 Payroll payable, April 30 -0- Withholding and other payroll liabilities, April 30 19,400 Overhead applied through April 30 359,200 38% 14 mins left in book FUNDAMENTALS OF COST ACCOUNTING A count of the inventories on hand May 31 shows Page 298 the following Materials inventory $86,000 Work-in-process inventory ? Finished goods inventory 75,000 The accounts payable clerk tells you that outstanding bills to suppliers totaled $100,200 and that cash payments of $75,800 were made to them during the month. She informs you that the payroll costs last month for the manufacturing section included $164,800, of which $29,400 was indirect labor. At the end of May, the following balances were available from the main office. Manufacturing Overhead through May 31 $434,000 Cost of Goods Sold through May 31 793,200 Recall that each month there is only one requisition for indirect materials. Among the fragments of paper, you located the following information, which you have neatly typed for your records: From scrap found under desk: indirect materials + $4,172 38% 14 mins left in book FUNDAMENTALS OF COST ACCOUNTING You also learn that the overhead during the month was overapplied by $2,400. Required Determine the cost of the work-in-process inventory lost in the disaster