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Compute the loss that Cullumber should recognize

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Question - Cullumber Distribution Co. has determined its December 31, 2017 inventory on a LIFO basis at $1088000. Information pertaining to that inventory follows:

Estimated selling price $1140000

Estimated cost of disposal 52000

Normal profit margin 132000

Current replacement cost 1008000

Cullumber records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2017, compute the loss that Cullumber should recognize?

Reference no: EM132550282

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