Sheridan L.td, lost most of its inventory in a fire in December just before the...
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Accounting
Sheridan L.td, 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). Merchandise with a selling price of 34,200 remained undamoged atter the fire, and damaged merchandise has a residual value of 69,240. 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.)
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