The value of the goods manufactured and completed as of May 31, 2014 was On May 31, 2014, a fire completely destroyed the work in progress inventory of Alder Paints. Physical inventory figures were published as follows: As of May As of Jan 1, 2014 31, 2014 Raw Materials 15,000.00 30,000.00 Work in Process 50,000.00 Finished Goods 70,000.00 60,000.00 P Sales for the first five months of 2014 were P150,000. Raw materials purchased were P50,000. Freight on purchases was P5,000. Direct labor for the five months was P40,000. To determine the value of the lost inventory, the insurance adjusters have agreed to use an average gross profit of 32.5%. Assume that manufacturing overhead was 45% of direct labor cost. P91,250.00