Vevic Distribution Company has measured its December 31, 2020, inventory on a FIFO basis at...
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Accounting
Vevic Distribution Company has measured its December 31, 2020, inventory on a FIFO basis at $200,000. Information pertaining to that inventory follows.
| Item | Amount |
| Estimated selling price | $208,000 |
| Estimated cost of disposal | $18,000 |
| Normal profit margin | $30,000 |
| $190,000 |
At December 31, 2020, what is the loss that Vevic should recognize? Assume no previously recorded inventory losses. Assume no previously recorded inventory holding loss.
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