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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 $31,000. 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 rom November 1, to the date of the fire $195,000 159,000 239,000 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. Estimated loss from fire