You are called by Ms. Smith on November 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 count be taken immediately. The following data are available:

Inventory, Nov. 1 - $28,000

Purchases - goods placed in stock during Nov. 1 to 15 - $106,000

Sales - goods delivered to customers during Nov. 1 to 15 - $129,000

Sales returns - goods returned to stock on Nov. 5 - $3,000

Your client reports that the goods on hand on Nov. 16 cost $31,500, but you determine that this figure includes goods of $5,000 received on a consignment basis. The company's past records show that sales are approximately 40% over cost.

REQUIREMENT: Assume sales are made with a gross profit of 35% based on selling price. What is the amount that can be claimed by the insurance company?