le Rod Tal Connecticut State University MyCourses@CC SU Organizations accsu nnect HW hapter 9 Saved Help Save & Exit 3 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 $13,000. The following information was available from the records of Hodge's periodic inventory system: 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 $105,000 141,000 221.000 ants eBook Based on recent history, Hodge's gross profit 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. Hint Print references Estimated loss from fire