TASK 5 insurance because of a theft that took place the night before. You suggest that an inventory be taken immediately. (Gross Profit Method) You are called by the CFO of Dolphin Co. on March 9 and asked to prepare a claim for The following data are available. Inventory, March 1 Purchases-goods placed in stock March 1-9 Sales-goods delivered to customers (gross) Sales returns-goods returned to stock $ 48,000 112,000 106,000 3,000 Your client reports that the goods on hand on March 9 cost $37,000, but you determine that this figure includes goods of $7,000 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Dolphin's insurance covers only goods owned. Instructions Compute the claim against the insurance company