On November $21,2024,$ a fire at Hodge Company$$s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $$30,000.$ The following information was available from the records of Hodge$$s periodic inventory system:Based on recent history, Hodge$$s gross profit ratio on Product Tex is $40\%$ of net sales.Calculate the estimated loss on the inventory from the fire, using the gross profit method.$$