You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data:
| Inventory, September 1 |
$38,000 |
|
Sales, September 1-September 28 |
$51,000 |
| Purchases, September 1-September 28 |
19,000 |
The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above the cost of goods sold.