Check my work Exercise 9-9 Gross profit method (LO9-2] On November 21, 2018, 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 $19.000. 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 $135,Bee 147.ee 227.eee Based on recent history. Hodge's gross profit ratlos 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 the