PROBLEM 22: On December 24, 2021, a fire destroyed totally the raw materials bodega of Sana'a Manufacturing Company. There was no purchase of raw materials from the time of the fire until December 31, 2021: 1/1/2021 12/31/2021 90,000 6,000 185,000 220,000 Raw materials P Factory supplies Goods in process Finished goods 5,000 210,000 225,000 P The accounting records show the following data: P 1,200,000 400,000 30,000 Sales Purchases of raw materials Purchases of factory supplies Freight in on raw materials Direct labor 15,000 220,000 75% of direct labor 35% of sales Manufacturing overhead Gross profit rate 28. The cost of raw materials destroyed by fire was:

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Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.