Ivanhoe Distribution Co. has determined its December 31, 2017 inventory on a LIFO basis at $890000. Information pertaining to that inventory follows:

Estimated selling price$920000

Estimated cost of disposal30000

Normal profit margin110000

Current replacement cost810000

Ivanhoe records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2017, the loss that Ivanhoe should recognize is

$0.

$80000.

$30000.

$110000.