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 is 84,000, Purchased received, March 1-11 is 63,000. Sales (goods delivered to customers) is 120,000. Estimate the inventory of goods . on hand at the close of business on March 11 by the gross profit method and determine the amount of the theft loss. Show appropriate titles for all amounts in your presentation. Question: 1. Past records indicate that sales are made at 50% above cost. Beginning inventory _______, Add:________,_______.__________,______. Less:______,_____.Estimated Ending Inventory________.Less:____, Theft Loss_____. (The choices of the answers for fill in the blanks are,Goods sold,Purchase, Physical Inventory,Goods Available,P7,000,P63,000,(P60,000),P69,000 ,(P80,000), P67,000, P9,000, (P78,000), P147,000, and P81,000. QUESTION #2. Past records indicate that sales are made at 25% above sales. The same format and same multiple choices.