On November 21, 2024, a fire at Hodge Company's warehouse caused severe darnage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $15,000. The following information was available from the records of Hodge's periodic inventory systemt Based on recent history. Hodge's gross profit ratio on Product Tex is 40% of net sales. Required: Calculote the estimated loss on the inventory from the fire, using the gross profit method