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How much is the loss from inventory decline

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Oust the Turtle Company records inventory using the perpetual inventory system and follows the allowance method in accounting for inventory decline. Its ending inventory's costs and net realizable values on the following dates are:

DATE                          COST                 NRV
December 31, 2020   380,000         370,000
December 31, 2021   400,000     385,000
December 31, 2022   200,000         192,000

Problem 1: How much is the loss from inventory decline in 2022?

Reference no: EM132691020

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