Problem 1: Inventory Cost Flows in Manufacturing Companies Part l: The Miami Company sufered major losses in a fire on Outo in process inventory for an destroying several buildings, the blaze destroyed the company's wot entire product line. Fortunately, th substantiate the amount of the claim. To this end, the company major losses in a fire on October 23, 2007. In addition to e company was insured. However, the company needs to process inventory for an has gathered the following information that pertains to the production and sales of the affected product line 1. e company's sales for the first 23 days of October amounted to $230,000. Normally,this product line generates a gross profit equal to 30% of sales. The com 2. Finished goods inventory was $29,000 on October 1 and $42,500 on October 23. 3. .On October 1, work in process inventory was $48,000 4. During the first 23 days of October, the company incurred the following costs: S76,000 44,000 Manufacturing overhead 42,000 Direct materials used Direct labor Required: (1) Total Cost of Goods Manufactured for the first 23 days of October 2007. 2) The cost of Work in Process Inventory that was destroyed by the fire (i.e., the cost of Work in Process Inventory, 10/23/2007)