4. An inventory taken the morning after a large theft discloses $eo,000 of goods on hand as of March 12. The following additional data is available from the books Beginning Inventory on hand, March 1 Purchases received, March 1-11 Freight-in, March 1-11 Purchase Returns, March 1 11 Sales (goods delivered to customers) $ 84,000 68,000 $3,000 $8,000 105,000 Past records indicate that sales are made at 40% above cost. Instructions Estimate the inventory of goods on hand at the close of business on March 11 by gross profit method. Determine the amount of the theft loss. a. b