P8.6 (LO 4) (Gross Profit Method) Eastman Company lost most of its inventory in a fire in Decem: ber just before the year-end physical inventory was taken. Corporate records disclose the following. Merchandise with a selling price of $30,000 remained undamaged after the fire, and damaged merchan dise has a net realizable value of 58,150 . The company does not carry fire insurance on its inventory. Instructions Prepare a formal labeled schedule computing the fire loss incurred. (Do not use the retail inventory method.)
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