1 Exercise 9-9 (Algo) Gross profit method [LO9-2) 5 points On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex Hodge estimates that all usable damaged goods can be sold for $15.000. The following information was available from the records of Hodge's periodic Inventory system 000 Inventory, November 1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $115.000 143.00 223.ee Based on recent history. Hodge's gross proft ratio on Product Tex is 40% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method 03 DE Estados from fire