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Question - An inventory taken the morning after a large theft discloses $60,000 of goods on hand as of March 12. The following additional data is available from the books:
Inventory on hand, March 1 $84,000
Purchases received, March 1 - 11 63,000
Sales (goods delivered to customers) 105,000
Past records indicate that sales are made at 40% above cost.
Find the amount of theft loss? Also, the inventory of goods on hand at the close of March 11th, by the growth profit method?
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