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Vevic Distribution Company has measured its December 31, 2020, inventory on a FIFO basis at $200,000. Information pertaining to that inventory follows. Item Amount Estimated

Vevic Distribution Company has measured its December 31, 2020, inventory on a FIFO basis at $200,000. Information pertaining to that inventory follows.

Item Amount
Estimated selling price $208,000
Estimated cost of disposal $18,000
Normal profit margin $30,000
$190,000

At December 31, 2020, what is the loss that Vevic should recognize? Assume no previously recorded inventory losses. Assume no previously recorded inventory holding loss.

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