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

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

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