Problem 7-54 Reconstruct Missing Data (LO 7-2, 3) A tornado struck the only manufacturing plant of Toledo Farm Implements (TFI) on June 1. All work-in-process inventory was destroyed, but a few records were salvaged from the wreckage and from the company's headquarters. If acceptable documentation is provided, the loss will be covered by insurance. The insurable value of work-in-process inventory consists of direct materials, direct labor, and applied overhead. The following information about the plant appears on the April financial statements at the company's downtown headquarters: Materials inventory, April 30 Work-in-process inventory, April 30 Finished goods inventory, April 30 Cost of goods sold through April 30 Accounts payable (materials suppliers), April 30 Manufacturing overhead through April 30 Payroll payable, April 30 Withholding and other payroll liabilities, April 30 Overhead applied through April 30 $100,000 171,500 64,000 694,700 44,500 371,600 18,700 354,900 A count of the inventories on hand May 31 shows the following: Materials inventory Work-in-process inventory Finished goods inventory $82,000 75,000 The accounts payable clerk tells you that outstanding bills to suppliers totaled $99,600 and that cash payments of $74,900 were made to them during the month. She informs you that the payroll costs last month for the manufacturing section included $161,700, of which $30,400 was indirect labor At the ond of May, the following balances wore available from the main office Manufacturing overhead through May 31 Cost of goods sold through May 31 $434,000 786,300 Recall that each month there is only one requisition for indirect materials. Among the fragments of paper, you located the following information, which you have neatly typed for your records: From scrap found under desk: indirect materials $4,202 You also learn that the overhead during the month was overapplied by $2,300. Required Determine the cost of the work-in-process inventory lost in the disaster Direct materials Direct labor Overhead applied Cost transferred to finished goods inventory Disaster loss