Crane Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at...
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Crane Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $1079000. Information pertaining to that inventory follows: $1130000 Estimated selling price Estimated cost of disposal 51000 131000 Normal profit margin o. Current replacement cost 999000 Crane records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Crane should recognize is O $51000. $0. $131000 $80000
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