Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data: Inventory, September 1 $38,000 Sales, September Purchases, September 1-September 28 $51,000 1-September 28 19,000 The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above the cost of goods sold. Required: Compute the inventory lost during the theft. Round the gross profit percentage to 3 decimal places. Next Level What concerns might you have about the inventory estimation under the gross profit method