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 $31,000. The following information was avallable from the records of Hodge's perlodic inventory 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