Exercise 9-9 (Algo) Gross profit method [LO9-2] On November 21, 2024, a fire ot Hodge Company's warehouse coused severe domage to its entire inventory of Product Tec. Hodge estimates that all usable damaged goods can be sold for $22.000. The following information was avaliable fiom the records of Hodge's periodic inventory system: Based on recent history, Hodge's gross profit ratio on Product Tex is 35% of net soles. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method