(Solution) - On February 17 2007 a flood destroyed the work in -(2025 Original AI-Free Solution)

Paper Details

On February 17, 2007 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 $35,000 Finished goods $79,000
A review of the accounting records indicated the following:
Inventories, December 31, 2006