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On November 21,2024, a fire at Hodge Companys warehouse caused severe damage to its entire...

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Accounting

On November 21,2024, a fire at Hodge Companys 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 Hodges periodic inventory system:
Inventory, November 1,2024 $ 195,000
Net purchases from November 1, to the date of the fire 159,000
Net sales from November 1, to the date of the fire 239,000
Based on recent history, Hodges 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.

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