Practice Problem 2 Furious because she did not get a sufficient raise, Mae Bee Trouble planted a bomb in the basement of her employer, Cheaper Enterprises on March 25, 2021. Although the entire plant burned to a crisp, no one was hurt. That is, except for the accountant, who was stricken by terror at the thought of a mandatory monthly report. Searching through the ruins, Mr. Accountant was able to salvage the following pieces of information for the period from 01/01/21 to 3/25/21: Raw Materials Purchased $160,000 Work in Process, 01/01/21 34,000 Raw Materials, 01/01/21 16,000 Finished Goods, 01/01/21 30,000 Factory Overhead= 40% of Conversion Costs Sales Revenue 500,000 Direct Labor 180,000 Prime Cost 294,000 Gross Profit 100,000 Cost of Goods Available for Sale 450,000 Hint: OH=40% CC and CC-DL + OH So that Cheaper Enterprises can file a claim for insurance, calculate the cost of: 123 1. 2. 3. Finished Goods Inventory at 3/25 Work in Process Inventory at 3/25 Direct Materials Inventory at 3/25