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 $14,000. The following information was avaliable from the records of Hodge's periodicinventory system: Based on recent history. Hodge's gross profit ratio on Product Tex is 30% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method