Speedy Distribution Co. has determined its December 31, 2020 inventory on a FIFO basis at $240,000. Information pertaining to that inventory follows: Estimated selling price $250,000 Estimated cost of disposal 15,000 Normal profit margin 20,000 Speedy records losses that result from applying the lower of cost and net realizable value rule. At December 31, 2020, the loss that Speedy should recognize is O a SO b. $5,000 OC $10,000 Od $25.000 Which of the following statements is INCORRECT regarding the objectives underlying inventory standards? a. Report an inventory cost on the statement of financial position that is representative of the inventory's recent cost. b. Choose an approach that corresponds as closely as possible to the physical flow of goods. c. Use the same method for all inventory assets that have similar economic characteristics. d. ASPE allows companies to choose from FIFO, LIFO, weighted average, and specific identification cost formulas if the company can provide justification for its choice