Using the gross profit method, estimate the inventory of goods on hand at the close of business on March 11 and determine the amount of the theft loss.8 3. An inventory taken the morning after a large theft discloses $30,000 of goods on hand as of March 12. The following additional data are available from the books: Inventory on hand, March 1 $120,000 Purchases received, March 1 11 65,000 Sales (goods delivered to customers) 135,000 Past records indicate a gross profit percentage of 20%. Required: Using the gross profit method, estimate the inventory of goods on hand at the close of business on March 11 and determine the amount of the theft loss