Inventory Shortage An accounting clerk of the Plumlee Company absconded with cash and a truck full of electronic mer- chandise on May 14, 20X4. The following data have been compiled for 20X4: Beginning inventory, January 1 Sales to May 14, 20X4 $ 55,000 280,000 Average gross profit rate. 25% Purchases to May 14, 20X4 200,000 Compute the estimated cost of the missing merchandise.