Ryan Seacrist Co. determined its December 31, 2020 inventory on a LIFO basis at $1,127,000. Information pertaining to that inventory follows:

• Estimated selling price $1,173,000
• Estimated cost of disposal 34,500
• Normal profit margin 126,500
• Current replacement cost 977,500

Seacrist records losses that result from applying the lower-of-cost-or-market rule. How much loss should be recognized at At December 31, 2020 as a result applying LCM, assuming this is the first year of operations?