The XYZ Company had a fire on March 24, 19... that completely destroyed the factory premises. Only few accounting records could be saved which revealed following information: Sales..... $650000 Purchas of direct materials.... $320000 Direct Labor.... $90000 Cost of goods available for sale... $530000 Balance sheet of the company prepared at the end of previous accounting year contains following inventory balances: Direct materials inventory... $50000 Work in process... $60000 Finished goods inventory.... $65000 Company's experience over past twelve years showed following percentage relationships. Direct labor equals 20% of total current manufacturing cost. Factory overhead is 33 1/3% of conversion cost. Gross profit is 25% of sales. The factory was covered by comprehensive insurance policy. The insurance company wants to know approximate value of inventories for settlement of claim. Required: Estimate cost of: 1. Materials costs 2. Work in process and 3. Finished goods inventories