B Current Attempt in Progress Cullumber Ltd. lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Company records disclose the following (yen in thousands). Inventory (beginning) Purchases Purchase returns 67,200 243,600 23,520 Sales Sales returns Gross profit % based on net selling price 348,600 CULLUMBER Computation of Inventory Fire Loss April 15, 2022 17,640 30 % Merchandise with a selling price of 25,200 remained undamaged after the fire, and damaged merchandise has a residual value of 6,840. The company does not carry fire insurance on its inventory. Prepare a formal labeled schedule computing the fire loss incurred. (Do not use the retail inventory method.) E

Cullumber Ltd. lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Company records tisclose the following (yen in thousands). Merchandise with a selling price of 25,200 remained undamaged after the fire, and damaged merchandise has a residual value of 76,840. The company does not carry fire insurance on its inventory