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An inventory taken the morning after a large theft discloses $60,000 of goods on hand...

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Accounting

An inventory taken the morning after a large theft discloses $60,000 of goods on hand as of

March 12. The following additional data is available from the books:

Inventory on hand, March 1 $ 84,000

Purchases received, March 1 11 63,000

Sales (goods delivered to customers) 105,000

Past records indicate that sales are made at a 40% gross profit.

Estimate the inventory of goods on hand at the close of business on March 11 by the gross profit method a) $__________ and determine the amount of the theft loss b) $__________.

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