On June 17, it was discovered that a material amount of inventory had been stolen. A physical count discloses that $55,000 of merchandise was on hand as of June 17. The following additional data is available from the accounting records: 4. $ 62,000 Purchases, January 1 June 17 (includes $4,000 shippecd 114,000 90,000 FOB shipping point June 16, received June 19) . . .. . . . . . . Sales (goods delivered to customers), January 1 June 17 Records indicate that the company's gross profit has averaged 40 percent of selling prices. Required Estimate the amount of loss due to theft. ANS