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 $25,000. 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 $165,000 153,000 233,000 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. Estimated loss from fire