On May 10, after the close of business, Fresno Co. had a devastating fire that destroyed the company's Work-in-Process (WIP) and Finished Goods (FG) inventories. The following information is available (thru 5/10): Sales revenue = $495,000, Direct labor $180,000, = Beg. FG Inv = $55,500, Income before taxes = $102,000 Beg. WIP Inv = $31,500 Gross margin = 30% Cost of goods available for sales = $412,500 The firm's accountants determined that the cost of direct Materials (DM) used averages 25% of prime cost. In addition, manufacturing overhead is 50% of the firm's total production (or manufacturing) costs. REQUIRED: (Show all your detailed calculations) Prepare an estimate of the cost of WIP and FG inventories that were destroyed by the fire for insurance settlement negotiation.