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 Sales, September 1-September 28 Purchases, September 1-September 28 $38,000 51,000 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: 1. Compute the inventory lost during the theft. Round the gross profit percentage to 3 decimal places. Beginning inventory 38,000 Purchases 19,000 Cost of goods available for sale 57,000 Cost of goods sold 34,000 X Ending inventory before theft Ending inventory after theft 23,000 X -15,000 Inventory lost 8,000 X