Gross Profit Method: Estimation of Flood Loss

On June 30, 2019, a flash flood damaged the warehouse and factory 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	$67,000
Work in process	0
Finished goods	122,000

The inventory on January 1, 2019, 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 2019 were $340,000. Raw material purchases were $115,000. Direct labor costs for this period were $60,000, 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, 2019.

PADWAY CORPORATION
Computation of Value of Work-in-Process Inventory Lost
June 30, 2019
Sales		$fill in the blank 1
		fill in the blank 3
Cost of goods sold		$fill in the blank 4
		fill in the blank 6
		$fill in the blank 8
		fill in the blank 10
Cost of goods manufactured and completed		$fill in the blank 11
Raw materials, January 1, 2019		$fill in the blank 12
		fill in the blank 14
Raw materials available		$fill in the blank 15
		fill in the blank 17
Raw materials used		$fill in the blank 18
	$fill in the blank 20
	fill in the blank 22
	fill in the blank 24	fill in the blank 25
Cost of production		$fill in the blank 26
		fill in the blank 28
Work-in-process inventory lost		$fill in the blank 29