You are called by Kevin Garnett of Celtic Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. Your client reports that the goods on hand cost $30,500. But you determine that this figure includes goods of $6,000 received on a consignment basis, which will not be covered by insurance. Your past records show that sales are made at approximately 25% over cost. Here is the data available from the general ledger for July 1 through July Inventory, July 1 $38,0000 Purchases-July 1 through July 15 $90,0000 Sales-July 1 through July 15 $116,0000 Sales returns-July 1 through July 15 $4,0000 Calculate the LOSS