Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost Retail $27,200 $40,800 13,600 ? 4,900 1,900 2 es The company used the average cost flow method and estimated inventory at the end of September to be $24,120.00. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50% Required: Compute net purchases at retail and net sales for the month of September using the information provided. (Do not round your intermediate calculations.) Net purchases at retail Net sales Check my work 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 $22,000. The following information was available from the records of Hodge's periodic inventory system: Taventory, November 1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $150,000 150,000 230,000 Based on recent history, Hodge's gross profit ratio on Product Tex is 35% of net sales, Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method. Estimated loss from fire