1. Weld Co. has determined its December 31,2020, inventory on a FIFO basis as $400,000. Information pertaining tot hat inventory follows:

   estimated selling price $408,000

   estimated cost of disposal $20,000

   At December 31, 2020, what holding loss (if any) should Weld recognize on inventory? (Weld has not previously recorded an inventory holding loss.)

   		$12,000
   		$0
   		$28,000
   		$8,000