Pillow Distribution Co. has determined its December 31, 2020 inventory on a FIFO basis at $861,000 (cost basis). Information pertaining to that inventory follows: Estimated selling price $910,000 Estimated cost of disposal 35,000 Normal profit margin Current replacement cost 89,000 821,000 Pillow records losses that result from applying the lower-of-cost-or-net-realizable- value rule. At December 31, 2020, the loss that Pillow should recognize is $14,000 loss $8,000 loss No loss recognized $11,000 loss