On april 12, after the close of business, singh & sons had a devastating fire that destroyed the company’s work-in-process and finished-goods inventories. fortunately, all raw materials escaped damage because materials owned by the firm were stored in another warehouse. the following information is available: sales revenue through april 12 $ 330,000 income before taxes through april 12 68,000 direct labor through april 12 120,000 cost of goods available for sale, april 12 275,000 work-in-process inventory, january 1 21,000 finished-goods inventory, january 1 37,000 gross margin 30 % of sales the firm’s accountants determined that the cost of direct materials used normally averages 25 percent of prime costs (i. e., direct material + direct labor). in addition, manufacturing overhead is 50 percent of the