ORION Practice -9.2: Understand and apply the lower-of-cost-or-mar... Intermediate Accounting, 16e Q 9.22: Line Drive Apparel has determined its December 31, 2017 inventory on a LIFO basis at $490,000. Information pertaining to that inventory follows: Estimated selling price $510,000 Estimated cost of disposal 20,000 Normal profit margin60,000 Current replacement cost450,000 Line Drive Apparel records losses that result from applying the lower-of-cost-or-market rule. What loss should they record on December 31, 2017? A $0 $40,000 C) $20,000 D $60,000