An inventory taken the morning after a large theft discloses $53,000of goods on hand as of March 12. The following additional data is available from the books:

Inventory on hand, March 1

$81,000Purchases received, March 1 - 11

60,500Sales (goods delivered to customers)

108,500

Past records indicate that sales are made at40% above cost.

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.