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  3. on november 21, 2024, a fire at hodge company's wa

On November 21, 2024, a fire at Hodge Company's warehouse caused severe damage to Its...

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Accounting

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On November 21, 2024, 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 $16,000. The following information was avallable from the records of Hodge's perlodic Inventory system: Based on recent history, Hodge's gross profit ratio on Product Tex is 30% of net sales. Required: Calculate the estimated Ioss on the Inventory from the fire, using the gross profit method

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