An inventory taken the morning after a large theft discloses $ 69,000 of goods on hand as of March 12. The following additional data is available from the books: Inventory on hand, March 1 $ 88,500 Purchases received, March 1 - 11 69,500 Sales (goods delivered to customers) 112,000 Past records indicate that sales are made at 40% 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.