2 On November 21, 2016, 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 $24,000. The following information was available from the records of Hodge's periodic inventory system: 1.5 points eBook $160,000 152,000 232,000 Inventory, November 1 Net purchases from November 1, to the Hint date of the fire Print Net sales from November 1, to the date of Referencesthe fire Based on recent history, Hodge's gross profit ratio on Product Tex is 30% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method Estimated loss from fire