An inventory taken the morning after a large theft discloses P60, 000 of goods on hand as of March 12. The following additional data is available from the books: Inventory

An inventory taken the morning after a large theft discloses P60, 000 of goods on hand as of March 12.  The following additional data is available from the books: Inventory on hand, March 1 P84,000 Purchases received, March 1 – 11 P63,000 Sales (goods delivered to customers) P120,000 Estimate the inventory of goods on hand at the close of business on March 11 by the gross profit method and determine the amount of the theft loss.  Show appropriate titles for all amounts in your presentation. Past records indicate that sales are made at 25% above sales. Answer: Beginning Inventory Add Purchases Goods Available Goods Sold Estimated Ending Inventory Physical Inventory Theft Loss