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mework i Saved Help Save & Exit Submit Check my work 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 $17,000. 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 $125,000 165,000 225.000 300k Based on recent history. Hodge's gross profit ratio on Product Tex is 40% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method. References Estimated loss from fire