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 available: Sales revenue through April 12 Income before taxes through April 12 Direct labor through April 12 Cost of goods available for sale, April 12 Work-in-process inventory, January 1 Finished-goods inventory, January 1 Gross margin $330,000 68,000 120,000 275,000 21,000 37,000 30% of sales The firm's accountants determined that the cost of direct materials used normally averages 25 percent of prime costs (i.e., direct material + direct labor). In addition, manufacturing overhead is 50 percent of the firm's total production costs. 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