Inside-The-Lines Painting Company has the following two items in inventory. The company uses LIFO (last-in first-out). Item Total Cost (using LIFO) Normal Profit Replacement Net Realizable margin Cost Value Brushes $20,000 $8,000 $6,000 18,000 Canvases $30,000 $10,000 $20,000 24,000 Determine the loss recognized under the lower of cost or market method using the item-by-item approach. 8,000 O 8.000 26,000 20,000 00 24,000