gross profit methods. An inventory taken the morning after a large thef discloses $60,000 of goods on hands as of March 12. The following additional data is available from the books:

Inventory on hands, March 1- $84,000. Purchase received, March 1-11 - $63,000. Sales( goods delivered to castomers)-$105,000. Past records indicate that sales are made at 40% above cost. Instructions: estimate the inventory of goods on hands at the close of business on March 11 by the gross profit method and determine the amount of the theft loss. Show appropriate titles for all amount in your presentation.