Current Attempt in Progress Pharoah 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) \ 72,000 Sales 373,500 Purchases 261,000 Sales returns 18,900 Purchase returns 25,200 Gross profit % based on net selling price 25 % Merchandise with a selling price of 27,000 remained undamaged after the fire, and damaged merchandise has a residual value of 7,320. 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.) PHAROAH Computation of Inventory Fire Loss April 15, 2022 (