The December 31, 2020 inventory of Gwynn Company consisted of one product, for which information is provided below. Original cost: $120.00 Replacement cost: $115.00 Estimated sales cost: $25.00 Expected selling price: $190.00 Normal profit: 30% on sales Compute the amount of loss when the company uses (1) the lower-of-cost-or-net realizable value or (2) the lower-of-cost-or-market method.

1)Loss due to LCNRV: $0 Loss due to LCM: $0

2) Loss due to LCNRV: $0 Loss due to LCM: $5

3) Loss due to LCNRV: $25 Loss due to LCM: $50

4) Loss due to LCNRV: $25 Loss due to LCM: $7