A sneaky robber came in and took all the inventory in a jewelry store on December 25. The owner of the store, Kate, did not have proper controls in place However, the following additional data is available from the books: Inventory on hand, December 1 Purchases received, Dec 1-24 Sales through the date of the fire $40,000 270,000 350,000 Past records indicate that Gross Profit is 40% of Sales Instructions Estimate the cost of goods sold up until the robbery, the inventory of goods on hand at the close of business on December 24 (i.e before the robbery) by the gross profit method and determine the amount of the Cost of goods sold Ending inventory before the fire Amount of loss (enter as a positive amount)