Exercise 9-17 * Your answer is incorrect. Try again. You are called by Tim Duncan of Sheffield Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available. Inventory, July 1 Purchases-goods placed in stock July 1-15 Sales revenue-goods delivered to customers (gross) Sales returns-goods returned to stock $ 38,600 86,000 124,600 4,400 Your client reports that the goods on hand on July 16 cost $33,600, but you determine that this figure includes goods of $6,400 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncan's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to o decimal places, e.g. 28,987.) Claim against the insurance company T 3 8743 LINK TO TEXT