I need clarification: end inventory: 455,000 fire loss

| June 14, 2016

Question
I need clarification:
end inventory: 455,000
fire loss 402,400
surviving inventory: 42,000
damaged surviving inventory 30,000 NRV = 10,600

assume periodic/direct
journal entry to record loss?

my answer (I’m unsure if this correct)

beginning Inventory transfer
COGS 440,000
Inventory 440,000
to record loss?
Inventory 42,000
Damaged Inventory 10,600
Loss due to fire 402,400
COGS 455,000
Thanks for any help!

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