Problem $1-2-$ COGM; cost of inventories $[$missing records$]$

On January $30,2004,$ the manufacturing facility of a medium$-$sized company was severely

damaged by an accidental fire. As a result, the company$$s direct materials, work$-$in$-$process, and

finished goods inventories were destroyed. The company did have access to certain incomplete

accounting records, which revealed the following:

$1.$ Beginning inventories, January $1,2004$:

DM $ $32,000$

WIP $68,000$

FG $30,000$

$2.$ Key ratios for the month of January $2004$:

Gross profit $=20\%$ of sales

Prime costs $=70\%$ of total manufacturing costs

Factory overhead $=40\%$ of conversion costs

$3.$ Ending work$-$in$-$process is always $10\%$ of the monthly total manufacturing costs. All

costs are incurred uniformly in the manufacturing process.

$4.$ Actual operations data for the month of January $2004$:

Sales $ $900,000$

DM purchases $320,000$

DL incurred $360,000$

$4$

Note: In this question, RM Inventory is referred to as DM Inventory. This implies that there is

no indirect $($MOH$)$ consumption of these materials.

Required $1$

From the above data, reconstruct $[$the$]$ statement of COGM.

Required $2$

Calculate the total cost of inventory lost, identifying each category where possible $($i$.$e$.,$ DM $[$RM$],$

WIP, and FG$),$ at January $30,2004$