2 Assignment Saved Help Save & EX Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return Sales revenue through April 12 Income before taxes through April 12 Direct labor through April 12 Cost of goods available for sale, April 12 Work-in-process inventory, January 1 Finished-goods inventory, January 1 Gross margin $330,000 68,000 120,000 275,000 21,000 37,000 30% of sales The firm's accountants determined that the cost of direct materials used normally averages 25 percent of prime costs (.e., direct material + direct labor). In addition, manufacturing overhead is 50 percent of the firm's total production costs. Required: Singh & Sons is in the process of negotiating a settlement with its insurance company. Prepare an estimate of the cost of work-in- process and finished-goods inventories that were destroyed by the fire. Answer is complete but not entirely correct. $ Cost of finished-goods inventory Cost of work-in-process inventory 7.000 X 144,000 % s search