Blossom Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $962000. Information pertaining to that inventory follows:

Estimated selling price	$1000000
Estimated cost of disposal	38000
Normal profit margin	118000
Current replacement cost	882000

Blossom records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Blossom should recognize is

$0.

$80000.

$118000.

$38000.