Multiple Choice Question 132 Cullumber Distribution Co. has determined its December 31, 2017 inventory on a FIFO basis at $1088000. Information pertaining to that inventory follows: Estimated selling price Estimated cost of disposal Normal profit margin Current replacement cost $1140000 52000 132000 1008000 Cullumber records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2017, the loss that Cullumber should recognize is O $132000. O $52000. $80000. O $0 Click if you would like to Show Work for this question: Open Show Work