The 132 was in one of the last series made by FISHER in the EMERSON era. Made in Japan, but designed by the same engineers that designed the 400-500c-800c and later tubed gear. about 25-30WPC.
Are you sure they were made in Japan, Larry? I would have expected Hong Kong for an entry-level receiver of this period. I have no definite knowledge on this model as to country of origin, though. It is also possible it was produced in multiple countries as was the 304.
Newspaper ads from 1976 state the wattage of the 132 as 15 RMS WPC. At $149 it was Fisher's bottom of the line for '76 although you could still pick up leftover 1973 models for even less. By Sept. you could pick up a 132 for just a little over $100. That is exceeding cheap for a current-model-year Fisher.
The mid-70s are a confusing time for sorting out Fisher models. Apparently Fisher or its retailers still had significant inventory left over from previous years. Many models from the early 70s were still available at mid decade for reduced prices. On top of that, both Sanyo and Emerson appear to have been producing models under the Fisher name during the 1975/76 overlap period before Sanyo bought out Emerson's remaining interest in the company.
The Sanyo-produced RS1080 debuted mid-season in '75 and was positioned at the top of Fisher's lineup. At the same time - and at the opposite end of the lineup - were Emerson's 122/222 entry-level models. Those evolved into the 132/232 models in 1976. Some advertising refers to the 232 model as the "SR232" which may have been transitional nomenclature presaging the "RS" line of receivers.
I would love to see some Fisher sales literature from mid-season '75 or 1976. The account goons at Emerson were notoriously stingy with their advertising dollars. Brochures, catalogs, handbooks, etc., from the mid 70s seem to be quite scarce - though once Sanyo took complete control in 1977 things seemed to improve. I'll bet Avery Fisher was glad he had all that stuff going on with the Lincoln Center to keep his mind of the mess Emerson was making of his company during those years.