3. An inventory taken the morning after a large theft discloses $40,000 of goods on hand as of March 12. The following additional data are available from the books: Inventory on hand, March 1 Purchases received, March 1 - 11 Sales (goods delivered to customers) $104,000 55,000 135,000 Past records indicate a gross profit percentage of 30%. Required: Using the gross profit method, estimate the inventory of goods on hand at the close of business on March 11 and determine the amount of the theft loss