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On February 17, 2010, a flood destroyed the work in process inventory and half the raw materials inventory of the LRT Company. There was no damage to the finished goods inventory. A physical inventory taken after the flood indicated the following values:
Raw materials ................. $35,000Finished goods ............... $79,000
A review of the accounting records indicated the following:
Inventories, December 31, 2009Raw materials ................. $70,000Work in process ............... 80,000Finished goods ................ 72,000Sales (to February 17) ............. 50,000Raw materials purchases ............ $20,000Direct labor cost ................ 30,000Manufacturing overhead cost ........... 15,000Gross profit rate (on sales) ............ 40%Required:Compute the value of the inventory destroyed by the flood.
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