ACCT 2112-Crawley Pty Ltd manufactures various computing

Crawley Pty Ltd manufactures various computing parts and accessories. On 28 February 2015, at about 12:01am, a distraught employee, Arson Crazy, put a torch to a manufacturing plant. The resulting blaze completely destroyed the plant and its contents. Fortunately, some of the accounting records were kept in another building. The following data (in thousands) for the fiscal year survived:

Cost of goods sold $32,000

Purchases of direct materials 8,000

Factory overhead 13,000

Sales commissions 2,000

Direct labour 4,000

Direct materials used 7,600

Finished goods inventory – beginning 7,800

Gross profit 12,000

Account payable – beginning 1,700

Account payable – ending 1,500

Work-in-process – beginning 1,300

Work-in-process – ending 800

The loss is fully covered by insurance. The insurance company wants to know the historical cost of the inventories as a basis for negotiating a settlement (although the settlement is actually to be based on replacement, not historical cost).

REQUIRED: [Please show your workings/computations clearly] Calculate the ending inventory of finished goods on 28 February for the above insurance claim.