On April 12, after the close of business, Singh & Sons had a devastating fire that destroyed the company's work-in-process and finished-goods Inventories. Fortunately, all raw materials escaped damage because materials owned by the firm were stored in another warehouse. The following information is avallable: $320,000 Income before taxes through April 12 68,000 120,000 275,000 Work-in-process inventory, January 1 21,000 Finished-gooda inventory, January 1 35,000 30 Sales revenue through April 12 Direct labor through April 12 st of go ds available for sale, April 12 % of sales Gross margin The firm's accountants determined that the cost of direct materials used normally averages 25 percent of prime costs (l.e, direct material direct labor). In addition, manufacturing overhead is 50 percent of the hrm's total production costs c Required: Singh & Sons is in the process of negotiating a settlement with its insurance company. Prepare an estimate of the cost of work-in- process and finished-goods Inventories that were destroyed by the fire Cost of finished-goods inventory Cost of work-in-process inventory