12. On June 30, 2018 a flash flood damaged the warehouse and la completely destroying the work in progress inventory. There was no damage to either the raw materials or finished goods inventories A physical verification taken after the flood revealed the following valuation The inventory on Jan 1, 2018 consist 12. On June 30, 2018 a flash flood damaged the warehouse and factory of ABC Corporationcompletely destroying the work-in-progress inventory. There was no damage to either the rawmaterials or finished goods inventories. A physical verification taken after the flood revealed thefollowing valuations.The inventory on Jan. 1, 2018 consisted of the following :Raw Materials62,000 Raw Materials30,000Work-in-ProgressO Work-in-Progress1,00,000Finished Goods1,19,000 Finished Goods1,40,000

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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12. On June 30, 2018 a flash flood damaged the warehouse and la completely destroying the work in progress inventory. There was no damage to either the raw materials or finished goods inventories A physical verification taken after the flood revealed the following valuation The inventory on Jan 1, 2018 consist

12. On June 30, 2018 a flash flood damaged the warehouse and factory of ABC Corporation
completely destroying the work-in-progress inventory. There was no damage to either the raw
materials or finished goods inventories. A physical verification taken after the flood revealed the
following valuations.
The inventory on Jan. 1, 2018 consisted of the following :
Raw Materials
62,000 Raw Materials
30,000
Work-in-Progress
O Work-in-Progress
1,00,000
Finished Goods
1,19,000 Finished Goods
1,40,000

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