Chapter 9 On November 21, 2018, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. H The following information was available from the records of Hodge's periodic inventory syste odge estimates that all usable damaged goods can be sold for $12,000. Inventory, November1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $ 100,000 140,000 220,000 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