Week 8: Homework Saved Help Save & Exit Submit Check my work 3 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 $14,000. The following information was available from the records of Hodge's periodic inventory system: 6 5 points 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 $110, eee 142,wee 222,980 eBook od Hint 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 ASK Print References