Ryan Seacrist Co. determined its December 31, 2020 inventory on a LIFO basis at $735,000....
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Ryan Seacrist Co. determined its December 31, 2020 inventory on a LIFO basis at $735,000. Information pertaining to that inventory follows: Estimated selling price $ 765,000 Estimated cost of disposal 22,500 . Normal profit margin 82,500 Current replacement cost 637,500 Seacrist records losses that result from applying the lower-of-cost-or-market ruld: How mu loss should be recognized at At December 31, 2020 as a result applying LCM, assuming this is the first year of operations? $0 $7,500 $75,000 $30.000
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