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Compute the loss that Blossom should recognize

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Question - Blossom Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $1070000. Information pertaining to that inventory follows:

Estimated selling price $1120000

Estimated cost of disposal 50000

Normal profit margin 130000

Current replacement cost 990000

Blossom records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, compute the loss that Blossom should recognize?

Reference no: EM132623578

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