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Crane Ltd, lost most of its imventory in a fire in December just before the year-end physical inventory was taken, Company records disclose the following

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Crane Ltd, lost most of its imventory in a fire in December just before the year-end physical inventory was taken, Company records disclose the following (yen in thousands). Merchandise with a selling price of $37,800 remained undamaged after the fire, and damaged merchandise has a residual value of 10,200. 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.) Y o y o 0 o.: 0 0 o SUPPORT (6) 0; 0

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