Pharoah Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $1016000 Information pertaining to that inventory follows: Estimated selling price $1060000 44000 Estimated cost of disposal 124000 Normal profit margin Current replacement cost 936000 Pharoah records losses that result from applying the lower-of-cost-or-market rule. At December 31, 202 the loss that Pharoah should recognize is $0. O $80000. O $124000. O $44000