E9-15B (Gross Profit Method) You are called by the CFO of Dolphin Co. on March 9 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. The following data are available.Inventory March 1 $ 78000Purchasesgoods placed in stock March 19 112000Salesgoods delivered to customers (gross) 91000Sales returnsgoods returned to stock 3000Your client reports that the goods on hand on March 9 cost $24000 but you determine that this figure includes goods of $7000 received on a consignment basis. Your past records show that sales are made at approximately 20% over cost. Dolphins insurance covers only goods owned.InstructionsCompute the claim against the insurance company.